Economics

Economics is the study of how people use scarce resources to satisfy their unlimited wants. It is about how people make decisions, how they use resources, and how the economy works.

There are three main ideas in economics:

1. People are rational and they make decisions to maximize their utility.
2. People are interdependent, and they interact with each other in markets.
3. The market economy is efficient and it allocates resources in the best way possible.

Economics is divided into two main branches:

1. Microeconomics: Microeconomics focuses on how people make decisions and how those decisions impact the market. It looks at issues like pricing, monopolies, and game theory.
2. Macroeconomics: Macroeconomics looks at the big picture. It focuses on how the economy as a whole works, and it looks at issues like inflation, unemployment, and economic growth.