Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services. It analyzes how individuals, businesses, governments, and societies allocate scarce resources to satisfy unlimited wants and needs. Economics is divided into two main branches: microeconomics, which focuses on the behavior of individual consumers and firms, and macroeconomics, which examines the economy as a whole, including issues like inflation, unemployment, and economic growth. The discipline employs theories and models to understand economic behavior and to predict how changes in policies or external factors can influence economic outcomes. It also incorporates various subfields, including labor economics, international economics, and development economics, among others. Overall, economics seeks to explain how economic agents interact and how economies function, providing insights that can inform decisions and public policy.