Economics

Economics is the social science that studies how individuals, groups, and societies allocate scarce resources to satisfy their needs and desires. It examines the production, distribution, and consumption of goods and services. The field of economics is typically divided into two main branches: microeconomics, which focuses on the behavior of individual agents such as households and firms, and macroeconomics, which studies the economy as a whole, including issues like inflation, unemployment, and economic growth. Economists analyze data and use models to understand economic processes and inform public policy, businesses, and individuals. The discipline encompasses various topics, including market dynamics, trade, labor, and financial systems, aiming to explain how economic agents make choices and how those choices interact within an economy.