Economics

Economics is the social science that studies how individuals, businesses, governments, and societies make choices about allocating scarce resources to fulfill their needs and desires. It examines the production, distribution, and consumption of goods and services and analyzes the behavior of economic agents and the functioning of economies. Economics can be broadly divided into two main branches: microeconomics, which focuses on individual and business decisions, and macroeconomics, which looks at the economy as a whole, including aggregate measures like GDP, unemployment rates, and inflation. The discipline explores concepts such as supply and demand, opportunity cost, market equilibrium, and the role of government intervention in the economy. Ultimately, economics seeks to understand and predict how economic systems operate, the factors that influence economic outcomes, and the implications of different economic policies.