Economics is an important branch of science that uses empirical evidence and scientific methods to study people and the choices they make. In particular, it examines how decision-makers make strategic decisions and respond to incentives. It analyzes how individuals or societies can efficiently allocate their resources, such as time, money, personal health, human capital, food, or the earth itself, to achieve a higher standard. When most people think of economics, they think of money, finance or business; But that’s not exactly what’s being worked on. Tools learned in economics can help individuals spend money more efficiently or make sound business decisions, but this is only one of the discipline’s many applications. Economics provides the insights and analytical framework needed to understand the way our world works from the choices we make.
