Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services. It analyzes how individuals, businesses, governments, and societies allocate scarce resources to meet their needs and desires. The discipline encompasses various branches, including microeconomics, which focuses on individual and business decision-making, and macroeconomics, which examines the economy as a whole and issues such as inflation, unemployment, and economic growth. Economists use theoretical models, empirical data, and statistical methods to understand economic trends, inform policy decisions, and address real-world economic issues.