Economics

Economics is the social science that studies how individuals, groups, and societies allocate scarce resources to fulfill their needs and desires. It examines the production, distribution, and consumption of goods and services, investigating the behavior and interactions of economic agents. Economics is broadly divided into two main branches: microeconomics, which focuses on the actions of individuals and businesses, and macroeconomics, which looks at the economy as a whole, including issues like inflation, unemployment, and national income. The discipline employs various theories and models to analyze economic phenomena, helping to understand and predict economic trends and inform policy decisions. Ultimately, economics seeks to explain how economies function and how various factors influence economic outcomes.