With our all news the Economics is a social science that focuses on the production, distribution, and consumption of goods and services. The study of economics is primarily concerned with analyzing the choices that individuals, businesses, governments, and nations make to allocate limited resources. Economics has ramifications on a wide range of other fields, including politics, psychology, business, and law
Key Takeaways
Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.
The field of economics is connected with and has ramifications on many others, such as politics, government, law, and business.
The two branches of economics are microeconomics and macroeconomics.
Economics focuses on efficiency in production and exchange.
Gross Domestic Product (GDP) and the Consumer Price Index (CPI) are two of the most widely used economic indicators….