Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services. It examines how individuals, businesses, governments, and nations make choices about allocating scarce resources to meet their needs and desires. Economics analyzes various factors that influence decision-making and behavior regarding resources, including price, supply, demand, and market structures. The field is typically divided into two main branches: microeconomics, which focuses on individual agents and markets, and macroeconomics, which studies the economy as a whole and explores phenomena such as inflation, unemployment, and overall economic growth. Through theories and models, economics seeks to understand and predict how economies function and identify policies that can improve economic outcomes.