Relation of economics with unwanted needs.

Social science that studies how individuals, businesses, governments, and societies allocate scarce resources to satisfy unlimited wants and needs

Economics is a social science that studies how individuals, businesses, governments, and societies allocate scarce resources to satisfy unlimited wants and needs. It seeks to understand how people make decisions and how these decisions impact the economy.

 

Economics can be divided into two main branches: microeconomics and macroeconomics. Microeconomics focuses on the behavior of individuals and firms and how they interact in markets. It analyzes how supply and demand influence prices and quantities of goods and services, and how market structures such as monopolies and oligopolies affect economic outcomes.

 

Macroeconomics, on the other hand, studies the economy as a whole, analyzing variables such as inflation, economic growth, unemployment, and international trade. It seeks to understand the factors that determine the overall level of economic activity and how government policies can affect economic outcomes.

 

Economics also plays an important role in public policy, as governments use economic principles and tools to design policies that aim to promote economic growth, reduce poverty, and address other societal issues. It has numerous applications in a wide range of fields, including business, finance, law, and public policy.


Laiba Afzal

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