Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services. It examines how individuals, businesses, governments, and societies make choices about allocating resources, which are often limited, to satisfy their needs and desires. Economics is broadly divided into two main branches: microeconomics, which focuses on the behavior of individual agents such as consumers and firms, and macroeconomics, which looks at the economy as a whole, including issues like inflation, unemployment, and economic growth. The field analyzes the interactions between various economic agents and the effects of policies and external factors on overall economic activity. Through models and theories, economics aims to understand human behavior in the context of scarcity and to provide insights for improving economic efficiency and welfare.