Economics is the social science that studies the production, distribution, and consumption of goods and services. It explores how individuals, businesses, and governments allocate limited resources to meet their needs and wants. Economics delves into fundamental questions like how prices are determined, what causes economic growth, and how to manage scarce resources efficiently. The field is broadly divided into two main branches: microeconomics, which focuses on individual and firm-level decisions, and macroeconomics, which examines larger-scale factors like national income, employment, and inflation. Economists use a variety of models and empirical data to analyze economic behavior and propose solutions to real-world problems, such as poverty, inequality, and market failure. As a discipline, economics intersects with other fields like sociology, psychology, and political science to provide comprehensive insights into the complex web of factors that influence economic activity. Over time, specialized subfields such as behavioral economics, environmental economics, and development economics have emerged, each exploring specific facets of economic interactions.