Economics is a social science that studies how goods and services are produced, distributed, and consumed. It can be divided into microeconomics, which looks at individual behavior, and macroeconomics, which focuses on the whole economy. There are different types of economics like positive and normative, orthodox and heterodox, and rational and behavioral. Economics is used in many aspects of life like business, government, education, and more, leading to various branches like Health Economics, Financial Economics, and Public Finance.