Economics is an area of social science that studies the production, distribution, and consumption of limited resources within a society. Besides, it analyzes the behavior and response of individuals, businesses, and governments in the event of scarcity. All this is made possible with the use of various tools, models, and principles. Economics can be divided into two parts - Microeconomics and Macroeconomics. While the former deals with the decisions affecting a national economy, the latter signifies economic choices made at an individual or business level.
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