Economics is the social science that studies the production, distribution, and consumption of goods and services. It examines how individuals, businesses, governments, and nations allocate their scarce resources to meet their needs and desires. Economics is divided into two main branches: microeconomics, which focuses on the behavior of individual agents such as consumers and firms, and macroeconomics, which analyzes aggregate economic phenomena like national income, unemployment, and inflation. The discipline explores various concepts such as supply and demand, market structures, economic growth, and the role of government in the economy. Ultimately, economics seeks to understand how decisions are made in the face of limited resources and to provide insights into improving economic welfare and efficiency.
A global trade showdown reveals the vulnerabilities of America's ultra-wealthy reliant on international markets. Countries could retaliate against trade wars by imposing taxes on billionaires to secure market fairness. The…