According to sowell, economics is the study of how economic resources, such as land, labor, or capital, are deployed.

Yes, I would agree about this definition of economic resources and how it is deciding how to utilize land, labour and capital. Just how it is utilized depends on the aims of both the government and industry. If it is a capitalist economy, then these resources will be used primarily for enhancing the profit of the corporations though theoretically if the citizens have fought for it, there will also be some favorable social programs like medicare and a decent education system. On the other hand, if there is a socialist oriented government like now in many Latin american countries, then the resources will be used primarily to benefit the needs of the vast majority of poor people.