Economics

Economics is the social science that studies how individuals, groups, and societies allocate scarce resources to meet their needs and desires. It examines the production, distribution, and consumption of goods and services, as well as the decision-making processes of economic agents and the interactions among them. Economics can be divided into two main branches: microeconomics, which focuses on the behavior of individual agents such as households and firms, and macroeconomics, which looks at the economy as a whole, including issues like inflation, unemployment, and national income. The discipline employs various models and theories to analyze economic phenomena, providing insights into how economies function and how policies can influence economic outcomes.