Economics is a social science that studies how individuals, businesses, governments, and societies allocate scarce resources to fulfill their unlimited wants and needs. It explores how people make choices and decisions regarding production, consumption, and distribution of goods and services. As a field of science, economics employs various methods such as observation, analysis, and experimentation to study economic behavior. It uses both qualitative techniques (such as case studies and interviews) and quantitative methods (such as statistical analysis and mathematical modeling) to understand economic phenomena. Economists analyze a wide range of topics including supply and demand, market equilibrium, production and costs, inflation, unemployment, economic growth, international trade, fiscal policy, monetary policy, behavioral economics, game theory, environmental economics, development economics, among others. The field of economics is divided into two main branches: microeconomics and macroeconomics. Microeconomics focuses on individual economic agents such as households or firms. It examines their behavior in markets and the implications for resource allocation. Macroeconomics examines the overall performance of an economy by studying aggregate variables such as national income, employment levels, inflation rates, and government policies. Economics has real-world applications in various sectors including business management decision-making processes; public policy formulation; financial markets analysis; labor market trends assessment; international trade negotiations; environmental sustainability strategies development; poverty alleviation efforts; healthcare resource allocation; among others. It is important to note that while economics provides valuable insights into human behavior in the context of resource allocation decisions, it also has limitations. Economic models are based on simplifying assumptions that may not capture the complexity of real-world situations accurately. Additionally, economists often disagree on theories or policies due to different value judgments or interpretations of empirical evidence. Overall, economics as a field of science plays a crucial role in understanding how societies function economically and provides policymakers with tools to make informed decisions for the betterment of individuals' well-being. # References ```dataview Table title as Title, authors as Authors where contains(subject, "Economics") ```