Economics is the social science that studies how individuals, groups, and societies allocate scarce resources to satisfy their unlimited wants and needs. It examines the production, distribution, and consumption of goods and services, and investigates how these activities are affected by various factors such as incentives, market structures, government policies, and economic systems. Economics is divided into two main branches: microeconomics, which focuses on the behavior of individual agents like households and firms, and macroeconomics, which looks at the economy as a whole, analyzing aggregate indicators such as gross domestic product (GDP), inflation, and unemployment rates. The field also explores concepts like supply and demand, opportunity cost, and economic welfare. Ultimately, economics seeks to understand how resources can be used most efficiently and how economic agents interact within given constraints to achieve desired outcomes.
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