Economics Category

Economics studies the allocation of scarce resources to satisfy unlimited wants and needs, focusing on production, distribution, and consumption. It encompasses microeconomics, which analyzes individual markets and consumer behavior, and macroeconomics, which examines national income, unemployment, inflation, and fiscal policies. Key concepts include supply and demand, elasticity, opportunity cost, and market equilibrium, which drive decision-making in businesses and governments. Understanding economic principles supports informed policy-making, efficient resource management, and sustainable growth in global markets.