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Economics is the social science that studies how people, institutions, and societies allocate scarce resources to meet unlimited wants and needs. It is concerned with the production, distribution, and consumption of goods and services, and the determination of prices in markets.

Economics is divided into two main branches: microeconomics and macroeconomics. Microeconomics focuses on the behavior and decisions of individuals and firms, and how they interact in markets. It studies topics such as consumer behavior, market competition, and pricing strategies.

Macroeconomics, on the other hand, focuses on the overall performance of the economy, including issues such as economic growth, inflation, unemployment, and trade. It studies the behavior of aggregate economic variables such as gross domestic product (GDP), inflation, and interest rates, and how they are affected by changes in government policy, international trade, and other factors.

Economics is an important field of study because it provides a framework for understanding the ways in which economic activity affects individuals, businesses, and society as a whole. It is relevant to a wide range of issues, including public policy, international trade, labor markets, and financial markets.

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