Final answer:
Economics is the social science that studies how people meet their basic material needs through the production, distribution, and consumption of goods and services. It includes market analysis, which relies on demand and supply to resolve essential economic questions, and Economic Geography, which explores the spatial aspects of economic processes.
Step-by-step explanation:
The science that deals with the production, distribution, and consumption of commodities is known as Economics. This social science concerns itself deeply with how people meet their basic material needs through the creation and exchange of goods and services. It dives into the nuances of markets, exploring concepts like demand and supply, which are pivotal in determining what gets produced, how it's produced, and who ends up consuming the produced goods. An important branch of Economics is Economic Geography, which examines the spatial dimensions of economic activities, helping us understand how wealth is generated, allocated, and circulated among different regions and actors within the economy.
Economics encapsulates both micro and macro perspectives, focusing on individual consumers and producers on one end, and the overarching dynamics of the economy as a whole on the other. Moreover, topics such as the management of key natural resources play a significant role in affecting the logistics of product movement, financial flows, and population migration patterns. Comprehensive study into factors of production also forms a foundation in economic analysis, as these factors contribute to the systems and structures we use to produce and consume goods and services.