Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services. It seeks to understand how individuals, businesses, and governments make choices about allocating scarce resources to maximize utility and efficiency. The field is divided into microeconomics, focusing on individual and business behavior, and macroeconomics, which examines the economy as a whole. With concepts such as supply and demand, market structures, and economic indicators, economics helps explain and predict how societies function, making it essential for informed decision-making in both public policy and personal finance.