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Economics. Economics is a social science that focuses on the production, distribution, and consumption of goods and services, and analyzes the choices that individuals, businesses, governments, and nations make to allocate resources The two branches of economics are microeconomics and macroeconomics. Economics focuses on efficiency in production and exchange. Gross Domestic Product (GDP) and the Consumer Price Index (CPI) are widely used economic indicators..
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Cont. Economics. Microeconomics Microeconomics studies how individual consumers and firms make decisions to allocate resources. Whether a single person, a household, or a business, economists may analyze how these entities respond to changes in price and why they demand what they do at particular price levels. Macroeconomics Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole. Its primary focus is the recurrent economic cycles and broad economic growth and development..