Economics

Economics is the social science that studies how individuals, businesses, governments, and societies allocate scarce resources to satisfy their needs and desires. It examines the production, distribution, and consumption of goods and services, and the ways these activities are influenced by various factors such as supply and demand, incentives, and market structures. Economics is typically divided into two main branches: microeconomics, which focuses on the behavior of individual agents and markets, and macroeconomics, which looks at the economy as a whole, including issues like inflation, unemployment, and economic growth. The discipline uses theoretical models and empirical data to analyze economic phenomena and inform policy decisions.