Economics

Economics is the social science that studies how individuals, groups, and societies allocate scarce resources to satisfy their needs and wants. It examines the production, distribution, and consumption of goods and services and how various factors, such as market forces, government policies, and cultural influences, impact economic behavior. Economics is typically divided into two main branches: microeconomics, which focuses on individual agents and their interactions, and macroeconomics, which looks at the economy as a whole, analyzing aggregate indicators such as GDP, unemployment rates, and inflation. The field employs various theoretical models and empirical methods to analyze economic phenomena and to inform decisions related to business, government policy, and economic development. Ultimately, economics seeks to understand and predict how economies function and how various elements interact within this complex system.