Economics is the social science that studies the production, distribution, and consumption of goods and services. It analyzes how individuals, businesses, governments, and nations allocate resources to satisfy their needs and wants. The field is divided into two main branches: microeconomics, which focuses on the behavior of individuals and firms, and macroeconomics, which examines large-scale economic factors and the economy as a whole. Economics encompasses various concepts, including supply and demand, opportunity cost, market structures, and economic efficiency. It also explores issues such as inflation, unemployment, and economic growth. Ultimately, economics seeks to understand how economies function and how various factors influence economic behavior and 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…