most people can probably say what e

most people can probably say what economics about. It deals with issues such as inflation, unemployment, the profitability of firms, privatization, exchange rates, international trade and so on. But lists of this kind do not really tell us what the essence of the subject is. Economics is concerned with how societies organize the production and consumption of good (physical by commodities such as cars , book , food ,and housing) and services (such as those provided by banks, barbers, teachers, or railway companies) More precisely, it tries to explain and understand:
what goods and services societies produce
how they produce them, and
for whom they are produced