Economics

Economics is the social science that studies how individuals, businesses, governments, and nations allocate scarce resources to satisfy their needs and desires. It examines the production, distribution, and consumption of goods and services, focusing on the behaviors, interactions, and decision-making processes of economic agents. Economics is broadly divided into two main branches: microeconomics, which focuses on individual and business-level decision-making and market dynamics, and macroeconomics, which looks at the economy as a whole, analyzing aggregate indicators such as output, unemployment, inflation, and economic growth. Economists use various models and theories to explain and predict economic behavior and to inform policy decisions aimed at improving economic stability and growth. The discipline also encompasses various subfields, including labor economics, international economics, and development economics, among others. Overall, economics seeks to understand how societies manage scarcity and how policies can affect economic well-being.