Economics

Economics is the social science that studies how individuals, groups, and societies allocate scarce resources to satisfy their unlimited wants and needs. It examines the production, distribution, and consumption of goods and services and analyzes the behaviors and interactions of economic agents such as consumers, firms, and governments. Economics is typically divided into two main branches: microeconomics, which focuses on individual agents and markets, and macroeconomics, which looks at the economy as a whole, including national income, inflation, unemployment, and overall economic growth. The discipline employs various analytical methods, including models and statistical techniques, to understand the functioning of economies and to inform policy decisions.