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, as well as the behavior and interactions of economic agents such as consumers, firms, and governments. Economics is broadly divided into two main branches: microeconomics, which focuses on the decisions and interactions of individual agents, and macroeconomics, which looks at the economy as a whole, including aggregate measures like national income, unemployment rates, and inflation. The discipline employs various analytical tools and models to understand economic phenomena and to formulate policies that can address economic challenges and improve welfare.