C) Basics of Economics:

Economics is the systematic exploration of how societies allocate limited resources to

meet their multifaceted needs and desires. It serves as a powerful lens through which
we can analyze and understand the complex dynamics of human behavior within the
framework of resource scarcity.

Microeconomics examines the decisions made by individuals, households, and firms.

Concepts like supply and demand, price elasticity, and production costs help us
comprehend the allocation of resources in individual markets. Macroeconomics, on
the other hand, takes a broader view, studying aggregate economic phenomena such
as inflation, unemployment, and overall economic growth.

Economists also investigate different economic systems, such as capitalism,

socialism, and mixed economies. These systems shape how resources are distributed
and how wealth is generated and shared within a society.

Economics plays a vital role in guiding public policy and business strategies. It offers
valuable insights into how to address issues like income inequality, environmental
sustainability, and economic stability, making it a cornerstone of modern governance
and commerce.