Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services. It analyzes how individuals, businesses, and governments make choices about allocating scarce resources to satisfy unlimited wants and needs. The field is divided into two primary branches: microeconomics, which focuses on individual and firm behavior in making decisions regarding resource allocation; and macroeconomics, which examines the economy as a whole, including issues like inflation, unemployment, and economic growth. Economics employs various models and theories to interpret complex economic phenomena and inform policy decisions. It seeks to understand and explain how economic agents interact, the effects of policies, and how economies function on both small and large scales.