Economics is the social science that studies how individuals, businesses, and governments make choices about the allocation of scarce resources to satisfy their needs and desires. It examines the production, distribution, and consumption of goods and services, and analyzes the behavior and interactions of economic agents. Economics is divided into two main branches: microeconomics, which focuses on individual and household decision-making processes and the dynamics of markets; and macroeconomics, which looks at economies on a broader scale, investigating overall economic growth, inflation, unemployment, and fiscal and monetary policies. The discipline also encompasses various theories and models that help to explain economic phenomena and guide policy decisions.
The U.S. has imposed a 10% tariff on Chinese imports, escalating trade tensions. China responded with retaliatory tariffs and investigations into U.S. tech companies. Economic analysts forecast a potential average…