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Economics is defined as the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.

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In Economics it is best to know about Macroeconomics (the study of one or more whole economies) and Microeconomics (the study of behaviors of firms, businesses and individuals and their decisions involving scarcity) that deals with Economics.

Microeconomics studies how individual consumers and firms make decisions to allocate resources. Whether a single person, a household, or a business, economists may analyze how these entities respond to changes in price and why they demand what they do at particular price levels.

Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole. Its primary focus is the recurrent economic cycles and broad economic growth and development.

Within the dynamics of supply and demand, the costs of producing goods and services, and how labor is divided and allocated, microeconomics studies how businesses are organized and how individuals approach uncertainty and risk in their decision-making. Using aggregate indicators, economists use macroeconomic models to help formulate economic policies and strategies.

Economics is a social science that focuses on the production, distribution, and consumption of goods and services, and analyzes the choices that individuals, businesses, governments, and nations make to allocate resources.

Economics focuses on efficiency in production and exchange. Gross Domestic Product (GDP) are widely used economic indicators. Economic indicators detail a country's economic performance. Published periodically by governmental agencies or private organizations, economic indicators often have a considerable effect on stocks, employment, and international markets, and often predict future economic conditions that will move markets and guide investment decisions.