Economics studies the production, distribution and consumption of goods and services and their management. People get jobs, they make things, they sell those things, they get paid, they use that money to buy other things. Economics makes the world go round.
Economics is a branch of social science. Like dueling political parties, economists also support different theories about how to best regulate the economy with government policies. Since it relates to the financial health of countries and how countries interact through trade, the relevance of economics is enormous and often the subject of the evening news. "Home Economics" is the somewhat antiquated yet still relevant notion of the management of money, food, laundry, and cleaning that keep a house running smoothly.