Economics

Economics is the social science that studies how individuals, businesses, governments, and societies make choices about allocating scarce resources. It examines the production, distribution, and consumption of goods and services, analyzing how these processes are influenced by various factors, such as supply and demand, costs, and market structures. Economics is typically divided into two main branches: microeconomics, which focuses on individual and firm behavior in decision-making and resource allocation, and macroeconomics, which looks at aggregate economic phenomena, including national income, inflation, and unemployment. The field also encompasses a variety of theories and models that seek to explain economic behavior and inform policy-making. Overall, economics aims to understand the economic activities of human beings and the implications of their choices on overall societal well-being.