Economics is the study of how societies allocate scarce resources to satisfy unlimited wants and needs. It analyses production, distribution, and consumption of goods and services. Economics encompasses microeconomics, focusing on individual markets and decision-making, and macroeconomics, examining aggregate economic phenomena such as inflation, unemployment, and economic growth. It utilizes theories, models, and empirical methods to understand and predict economic behaviour. Economics plays a central role in shaping public policy, business strategies, and individual decision-making processes.
