What is economics and why is it important?

Generally, economics involves studying people's interaction with scarce resources during production, consumption, and distribution. Economics has many benefits to society. First, it assists in distributing the scare to different essential aspects of the economy. Economics influences people's lives through economic trends such as interest rates, inflation, and economic growth. Also, it helps people understand what happens in the markets, the principle of opportunity cost, and different policy options and evaluate their outcomes. Lastly, it helps in improving the standards of living hence making the country a better place.