Economics studies how individuals, businesses, governments, and societies manage scarce resources to satisfy unlimited wants and needs. Economics deals with Scarcity (Limited resources), Opportunity Cost (The value of the next-best alternative you give up when making a decision), and Incentives (Rewards or punishments that influence how people and firms behave).
Economics is examined as Microeconomics: that analyzes individual and business decisions, such as how a single consumer picks a product or how a firm sets prices, and Macroeconomics that looks at the economy as a whole, tracking nationwide or global trends like gross domestic product (GDP), inflation, unemployment, and economic growth.