Economics

Economics is a social science that studies the production, distribution, and consumption of goods and services. It examines how individuals, businesses, governments, and societies make choices about allocating limited resources to satisfy their needs and wants. Economics is divided into two main branches: microeconomics, which focuses on individual agents and markets, and macroeconomics, which looks at broader economic phenomena, such as national income, inflation, and unemployment. The field employs various theoretical frameworks and models to analyze economic behavior and inform policy decisions. Key concepts in economics include supply and demand, market equilibrium, opportunity cost, and economic efficiency. Ultimately, economics seeks to understand how economies function and how to improve living standards and welfare.