Economics is a social science that studies how individuals, businesses, governments, and societies allocate scarce resources to satisfy their unlimited wants and needs. It involves analyzing various economic indicators, such as production, consumption, and distribution of goods and services.

Objectives of economics include:

1. Understanding economic behavior: Economics aims to explain how individuals and firms make decisions regarding production, consumption, and investment. It seeks to understand the factors that influence these decisions, such as prices, income, and preferences.

2. Analyzing market dynamics: Economics examines how markets function and how prices are determined. It explores concepts like supply and demand, market equilibrium, and price elasticity of demand. This analysis helps in understanding market trends and predicting consumer behavior.

3. Assessing economic efficiency: Economics evaluates the efficiency of resource allocation and production methods. It examines concepts like productivity, cost-benefit analysis, and economies of scale to determine the most efficient use of resources.

4. Studying economic growth and development: Economics explores the factors that contribute to economic growth and development at both micro and macro levels. It examines issues such as investment, technological progress, income distribution, and government policies.

5. Understanding the role of government: Economics analyzes the role of government in the economy, including its impact on markets and resource allocation. It examines government policies like taxation, regulation, and public expenditure, and their effects on economic outcomes.

Business economics, on the other hand, is a subfield of economics that focuses on applying economic principles and concepts to business decision-making. It involves analyzing market conditions, pricing strategies, cost analysis, and forecasting in order to maximize profitability and efficiency in business operations. Business economics helps managers and business owners make informed decisions based on economic factors and market dynamics.