Economics is about supply and demand at its basic core. But more eloquently, economics can be described, according to Investopedia as, “the production, distribution and consumption of goods and services. It studies how individuals, businesses, governments and nations make choices on allocating resources to satisfy their wants and needs, and tries to determine how these groups should organize and coordinate efforts to achieve maximum output.” Economics at its core is so integral to our society because it allows us to understand the ebb and flow of items in our society which for the most part affects everyone. Hence, that is why economics is broken down into two forms, macroeconomics and microeconomics, so as to help understand specifics of situations in either small form or large forms to properly prescribe the right solutions.
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