Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services. It explores how individuals, businesses, governments, and societies make decisions about allocating limited resources to satisfy their needs and wants. Economics is broadly divided into two main branches: microeconomics, which focuses on the behavior of individual consumers and firms, and macroeconomics, which examines aggregate economic variables and the economy as a whole. The field addresses various concepts such as supply and demand, market structures, economic systems, and the impact of government policies on economic performance. Economists analyze data and use theoretical models to understand economic phenomena and to guide decision-making in both private and public sectors. The ultimate goal of economics is to improve understanding of how economies function and to promote welfare and efficiency in resource utilization.