Economics is the social science that studies the production, distribution, and consumption of goods and services. It is concerned with how individuals, businesses, governments, and societies make choices to allocate resources to satisfy their needs and wants. Economics examines the behavior and interactions of markets, economies, and economic agents such as consumers, producers, and governments. It considers factors such as scarcity, cost, prices, incentives, and efficiency in analyzing economic systems and decision-making processes. Economics also incorporates various theories, models, and quantitative methods to understand and predict economic phenomena.
Economics is a social science that studies how individuals, businesses, governments, and societies make choices about how to allocate scarce resources to satisfy unlimited wants. It analyzes the production, distribution, and consumption of goods and services and explores how these activities affect the behavior and well-being of individuals and societies. Economics can be divided into two main branches: microeconomics and macroeconomics. Microeconomics focuses on the behavior of individuals and firms, while macroeconomics examines the overall performance and behavior of the economy as a whole.
