What is Economics? Economics is the study of how societies, governments, businesses, households, and individuals allocate their scarce resources. It is a social science that seeks to understand how people make choices and how those choices interact to produce certain outcomes. In this video, we will explore what economics is, how it is important in our modern world, and what kinds of questions economists seek to answer. We will also discuss some of the key concepts and theories in economics, such as supply and demand. Whether you are a student of economics or just curious about this fascinating field, this video is for you.