Economics is the study of efficient allocation of scare resources so as to attain maximum fulfillment.

Economics is indeed the study of how to efficiently allocate scarce resources to achieve the highest level of satisfaction. This involves understanding how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their needs and wants, and to determine how these groups should organize and coordinate efforts to achieve maximum output.

The study of economics can be broken down into two main areas:

1. Microeconomics - This is the study of individuals and business decisions. It looks at issues like the dynamics between buyers and sellers, borrowing and lending, and how policies affect individual businesses.

2. Macroeconomics - This is the study of economic behavior at a national or global level. It looks at issues like inflation, unemployment, industrial production, and the role of government in the economy.

Economics also involves studying various economic indicators like GDP (Gross Domestic Product), unemployment rates, national income, price indices, and the interrelations among these.

In conclusion, economics is a social science that helps us understand and explain how the economy works and how we can improve economic policy to better serve individuals and society as a whole.