Economics is a social science that studies how people and nations buy, sell, produce, and consume in a world where there is scarcity. At its most basic, however, economics considers how a society provides for its needs. Its most basic need is survival; which requires food, clothing and shelter. Once those are covered, it can then look at more sophisticated commodities such as services, personal transport, entertainment, the list goes on.
The modern concept of economics developed in the 18th century based on the idea that economics can be analysed mathematically, scientifically. Schools of economic thought have included Classical and Modern Political Economy, Marxian Economics, Institutional Economics and Keynesian Economics. These all have different emphases on certain aspects of economics.
Many good definitions of economics are possible, and each focus on some important aspect of the subject. To use an analogy, there is not one spot from which one can best view the Grand Canyon. Each viewpoint obscures some features and emphasizes others. There are, of course, some spots that are clearly superior to others, but people can disagree about which is the very best spot.