Economics is a social science that studies how individuals, businesses, and governments allocate resources to achieve their goals. It examines the production, distribution, and consumption of goods and services, as well as the behavior of individuals and organizations in response to changes in economic conditions. Economists use various models and theories to analyze and predict economic outcomes, and their findings can inform government policies, business strategies, and personal decision-making. Key areas of study within economics include microeconomics (the study of individual markets and decision-making), macroeconomics (the study of the economy as a whole), and various specialized fields such as international economics, labor economics, and behavioral economics.