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Economics is the social science that studies the production, distribution, exchange, and consumption of goods and services. It is focused on how individuals, businesses, governments, and other organizations make choices about how to allocate resources to satisfy their wants and needs. Economics canRead more
Economics is the social science that studies the production, distribution, exchange, and consumption of goods and services. It is focused on how individuals, businesses, governments, and other organizations make choices about how to allocate resources to satisfy their wants and needs.
Economics can be divided into two main branches: microeconomics and macroeconomics. Microeconomics focuses on the behavior of individual agents such as firms and consumers, and how they interact in markets. It examines how prices are determined and how individuals and firms make decisions about what to produce, sell and buy. Macroeconomics, on the other hand, focuses on the economy as a whole, looking at issues such as inflation, unemployment, and economic growth. It studies the aggregate behavior of the economy and the interactions among different economic agents.
Economics also deals with various issues such as economic growth, international trade, public finance, labor market, monetary policy, environmental and natural resources, and income distribution
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