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[Virtual Presenter] Good morning everyone. Today we are here to learn about economics and its usage in making decisions, both on a personal and national scale. We will examine the two branches of economics; microeconomics and macroeconomics, and how they can help maximize economic efficiency and evaluate economic progress. Let's start..
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[Virtual Presenter] Economics is a social science that focuses on the production, distribution, and consumption of goods and services. It examines the decisions that people, businesses, governments, and nations make to allocate resources and maximize efficiency. Its two main branches are microeconomics, which concentrates on individual choices, and macroeconomics, which analyzes the entire economy. To gain an understanding of the economy, economists use key indicators such as Gross Domestic Product and the Consumer Price Index. By examining such indicators, economists are able to gain insight into how the economy is performing and make more informed decisions..