1a : a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and servicesb : economic theory, principles, or practices <soundeconomics>2: economic aspect or significance <the economics of building a new stadium>3: economic conditions <current economics>
From Encyclopedia Britannica
"economics, Social science that analyzes and describes the consequences of choices made concerning scarce productive resources.
Economics is the study of how individuals and societies choose to employ those resources:
1. What goods and services will be produced,
2. How they will be produced, and
3. How they will be distributed among the members of society."