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. Economics is divided into two main branches: microeconomics, which focuses on the behavior of individual agents such as consumers and businesses, and macroeconomics, which looks at the economy as a whole, including issues like inflation, unemployment, and economic growth. The field encompasses various concepts such as supply and demand, opportunity cost, market structures, and economic policies. Ultimately, economics seeks to understand and explain how human choices affect the use of resources and the outcomes in a variety of contexts.