Economics

Economics is the study of how individuals, businesses, governments, and societies allocate limited resources to satisfy their needs and wants. It examines how choices are made in the face of scarcity and the impact of those decisions on the production, distribution, and consumption of goods and services. Economics is divided into two main branches: microeconomics, which focuses on the behavior of individuals and firms, and macroeconomics, which looks at broader economic factors such as inflation, unemployment, and national income. The field uses models and theories to analyze economic activities, helping policymakers and businesses make informed decisions. Economics also explores topics like market dynamics, government intervention, trade, and the role of incentives in shaping behavior.