Economics

Economics is the social science that studies how individuals, businesses, governments, and societies make choices about allocating scarce resources to satisfy their needs and wants. It examines the production, distribution, and consumption of goods and services and seeks to understand how these processes affect overall wealth and welfare. Economics is broadly divided into two main branches: microeconomics, which focuses on individual and firm behavior, and macroeconomics, which looks at overall economic systems and large-scale economic factors such as inflation, unemployment, and economic growth. Economists use various models and theories to analyze how economic agents interact and how markets function, aiming to understand the trade-offs, costs, and benefits involved in economic decisions. The study of economics also includes the exploration of concepts such as supply and demand, market structures, fiscal policies, and international trade, making it essential for informed policymaking and understanding societal dynamics.