The word "economics" is usually defined as the branch of knowledge and social science that is concerned with the consumption, production, and transfer of goods, services, wealth, and many more. It is also usually defined as the condition of a group or region, with respect to material prosperity. Substantially, economics can be broken down into microeconomics, focusing on businesses as well as individual people, and macroeconomics, concentrating on an economy's whole behavior. Economics has a lot to do with the positive change of growth in a society and a nation. Hope that this helped answer your question for you. Good day to you.