Answer:
Economics is a social science that studies how individuals, businesses, governments, and societies allocate scarce resources to meet unlimited wants and needs. In order to solve economic problems, economists typically ask questions such as:What goods and services should be produced?How should goods and services be produced?For whom should goods and services be produced?How can scarce resources be allocated efficiently to maximize social welfare?What are the incentives and disincentives that influence individual and collective behavior?How do changes in government policies or external factors affect economic outcomes?What are the trade-offs involved in making different economic decisions?How can economic growth and development be promoted and sustained over time?How can economic inequality be addressed?How can market failures and externalities be corrected?These questions help economists to analyze economic issues and develop policies and solutions that can improve economic outcomes for individuals and societies.