Economics

Economics is the social science that studies how individuals, businesses, governments, and societies allocate scarce resources to meet their needs and desires. It examines the production, distribution, and consumption of goods and services and analyzes how economic agents interact within various markets. Economics can be broadly divided into two main branches: microeconomics, which focuses on the behavior of individual consumers and firms, and macroeconomics, which studies the economy as a whole, including aggregate indicators like GDP, unemployment rates, and inflation. The field also explores the effects of policies, regulations, and other external factors on economic outcomes, as well as the concepts of supply and demand, market equilibrium, and economic efficiency. Overall, economics seeks to understand the mechanisms that drive economic behavior and the impacts of those behaviors on overall welfare and resource allocation.