Economics is the social science that studies how individuals, businesses, governments, and societies allocate scarce resources to satisfy unlimited wants and needs. It examines how people make choices in various situations where resources are limited.
There are two main branches of economics: microeconomics and macroeconomics. Microeconomics focuses on individual agents such as households and firms and their interactions in markets. It delves into topics like supply and demand, consumer behavior, production costs, and market structures.
On the other hand, macroeconomics deals with the aggregate economy as a whole, studying phenomena like inflation, unemployment, economic growth, and monetary and fiscal policies.
Economics provides valuable insights into how economies function and offers tools and theories to analyze and address issues such as poverty, inequality, environmental degradation, and economic development.
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