Economic Sciences is the study of how societies allocate scarce resources to meet their needs and wants. It encompasses various aspects, including production, distribution, and consumption of goods and services, and aims to understand the behavior of individuals and institutions in economic contexts. Adam Smith, often referred to as the father of economics, laid the groundwork for modern economic theory. The field is divided into two main branches: microeconomics, which focuses on individual and business decision-making, and macroeconomics, which looks at the economy as a whole. Economic Sciences helps inform policy decisions and improve living standards by analyzing data and trends.