What is it like to live in a fantasy world like d&d or pathfinder?

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What is it like to live in a fantasy world like d&d or pathfinder?

For example:
What are some racist stereotypes that could exist in a fantasy universe?
What's it like casting magic? and what is magic really? Is it a sort of natural arcane energy? Is wizardry the manipulation of some sort of surrounding magic, or is it from within the soul, the spirit, the blood, or is it something else entirely?

I like to imagine spells as something you cast, and if you mess up the ingredients it doesn't come out right. Like the words, symbols and incantations are simply tools of construction help it to flow better and be more accurate. You could tell when you mess it up because it just doesn't feel right, which is why you'd have to focus. Like it would take 3 years as an apprentice before you could cast a spell and have it actually have it be kinda strong. Most noobs could memorize the spells, but couldn't really grasp the meaning behind it, and what a wizard is trying to really... do. If that was the case, then different wizards might have different incantations to cast the same spells, and would be able to innovate with the incantations. It would be both an art and a science; the science of understanding magic, and the art of casting it. Because it would be an art, different wizards might have different ways of constructing their spells, even if they were casting the same spell.

What about the economics systems and industry, how would they be affected by fantasy elements? I like to watch how it's made, so when I think of the existence of magic and automatons I wonder if there would be sorts of factories that involve magic in the creation process. Could there be a magical equivalence to the industrial revolution? What about artisan mages, who use their spells mainly for the sake of making fortunes by producing goods?

Share ideas, I want to get a more wholesome understanding of what a fantasy world would be like.