Economics Easier - Economics is the study of the way money, goods, and services are made and used in a society, and how they are related to one another. Harder - Economics is a social science concerned with the study of how society allocates scarce resources to meet the unlimited wants and needs of its members.
Economists examine how goods and services are produced and distributed.
Goods and services are everything that can be bought and sold. Produced means the processing and making of goods and services. Distributed means the way goods and services are divided among people. The field of economics studies how people and nations choose the things they buy from among the many things they want. Most people and countries want more things than they can buy.