Final answer:
Economics is a social science focused on how decisions are made in the face of scarcity and resource allocation. It examines individual, family, business, and societal choices related to managing limited resources including time, and considers the broader consequences of these choices.
Step-by-step explanation:
Economics, as a social science, is deeply engaged in the study of how people and societies make decisions on the use and allocation of resources. The core of economics revolves around making choices in the presence of scarcity, which implies that our collective desires for goods, services, and resources surpass what is actually available to us. Resource allocation tackles how labor, tools, land, and raw materials are utilized to meet the needs and wants of a society, and how time as a scarce resource factors into the decisions made to balance work, leisure, and rest. Moreover, economics evaluates the impacts of production on the environment, the benefits of education on workforce development, the societal effects of large business or labor union operations, and the consequences of government interventions.