Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. It encompasses a wide range of topics, including production, consumption, and the distribution of goods and services.
At its core, economics is about decision-making. Individuals and organizations must make choices about how to allocate their limited resources. This leads to the concepts of supply and demand, which are fundamental to understanding market dynamics.
Economics helps us understand the world around us.
Microeconomics focuses on individual consumers and businesses, while macroeconomics looks at the economy as a whole. Both branches are essential for a comprehensive understanding of economic theory and practice.