Economics 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 limited resources to satisfy their needs and wants. Economics is divided into two main branches: microeconomics, which focuses on the behavior of individual consumers and firms, and macroeconomics, which looks at the economy as a whole, including inflation, unemployment, and economic growth. The field encompasses various concepts such as supply and demand, market equilibrium, economic incentives, and the role of government in markets. Through the analysis of how resources are utilized and how economic agents interact, economics seeks to understand the principles guiding economic activity and to provide insights for improving economic outcomes.
Understanding the Tariff Tension As President-elect Donald Trump prepares to impose significant tariffs, analysts are bracing for potential repercussions in the technology sector, particularly targeting imports from China. Trump's earlier…