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 scarce resources to meet their needs and desires. Economics analyzes how these choices affect the behavior of individuals and institutions, the functioning of markets, and the overall economy. It is broadly divided into two main branches: microeconomics, which focuses on the actions of individuals and firms, and macroeconomics, which looks at the aggregate outcomes and phenomena in the economy as a whole, such as inflation, unemployment, and economic growth. Through various models and theories, economics aims to understand how economies operate and to inform policy decisions that can improve economic well-being.