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Economics is the social science that studies how individuals, businesses, and governments make choices about allocating scarce resources to satisfy their needs and wants. It examines the production, distribution, and consumption of goods and services, analyzing factors that influence economic behavior and decision-making. Economics can be broadly divided into two main branches: microeconomics, which focuses on individual agents and markets, and macroeconomics, which looks at the economy as a whole. Ultimately, it seeks to understand how economies function and the impact of policies on economic well-being.
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