Final answer:
Economics is about making choices on allocating scarce resources for the production and distribution of goods and services, considering the societal, environmental, and technological factors involved.
Step-by-step explanation:
Economics involves decisions about how to allocate scarce resources to address the needs and well-being of all people. Societies must consider what to produce, how to produce goods and services, and how to distribute them. The allocation of goods and services includes making difficult choices such as whether to prioritize education or health care, domestic production or overseas manufacturing, and the possible environmental pollution resulting from production.
The answer to the student's question is that economics allocates resources for the production and distribution of goods and services. This involves decisions made by individuals, firms, or governments on issues like government spending, taxes, and regulations, all of which can significantly impact production and consumption patterns. Advanced technology has also shaped the productivity and distribution of goods and services across the economy.