Economics

Economics is the social science that explores the production, distribution, and consumption of goods and services. It delves into the study of how individuals, businesses, and governments allocate resources to meet their unlimited wants and needs. Microeconomics focuses on the behavior of individual agents such as households and firms, examining factors like supply and demand, pricing, and market structures. On the other hand, macroeconomics takes a broader perspective, analyzing the overall performance of national economies, including aspects like inflation, unemployment, and economic growth. The subject serves as a lens through which we understand the complex interplay of factors influencing decision-making, resource allocation, and the overall functioning of economies.