Economía

Economía, or economics in English, is the social science that studies the production, distribution, and consumption of goods and services. It examines how individuals, businesses, governments, and societies make choices about allocating scarce resources to satisfy their needs and wants. The field is divided into two main branches: microeconomics, which focuses on individual and business decision-making processes and their interactions, and macroeconomics, which addresses the economy as a whole, including inflation, unemployment, and economic growth.

Economics involves analyzing incentives, supply and demand, market structures, and the impact of public policies. It employs various theoretical frameworks and models to understand economic behavior and to predict the effects of changes in policies or market conditions. Ultimately, the goal of economics is to provide insights that can help improve decision-making and economic welfare.