Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services. It examines how individuals, businesses, and governments make choices about allocating scarce resources to satisfy their needs and desires. Economics is broadly divided into two main branches: microeconomics, which focuses on individual agents and market interactions, and macroeconomics, which analyzes aggregate economic phenomena, such as national income, unemployment, inflation, and economic growth. The discipline employs various models and theories to understand how economies function and the behavior of economic agents. It also explores the implications of economic policies and the impact of external factors on economic systems.