A good economist is one who looks at economic issues only with hindsight
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Economics (/ɛkəˈnɒmɪks, iːkə-/)[1][2][3] is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services.[4]
A graph depicting Quantity on the X-axis and Price on the Y-axis
The supply and demand model describes how prices vary as a result of a balance between product availability and demand
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements.
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