Economic damages refer to the financial losses that a person or business suffers due to an injury or wrongful act. These damages can include lost wages, medical expenses, and costs for repairing or replacing damaged property. The goal of compensating for economic damages is to restore the victim to their financial position before the incident occurred. In legal cases, economic damages are often calculated based on tangible evidence, such as pay stubs, bills, and receipts. Unlike non-economic damages, which cover pain and suffering, economic damages focus solely on quantifiable financial impacts. This makes them easier to assess and prove in court.