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Economics is the study of how individuals, businesses, and governments allocate scarce resources to satisfy their needs and wants. It examines decision-making processes and the interactions between various economic agents within markets. The field is broadly divided into microeconomics, which focuses on individual and firm behavior, and macroeconomics, which analyzes overall economic systems and aggregate indicators like GDP and inflation. Ultimately, economics seeks to understand and predict how economies function and the implications of policy choices.
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