Economics is the social science that studies how individuals, businesses, governments, and societies allocate scarce resources to satisfy their unlimited wants and needs. It examines the production, distribution, and consumption of goods and services, analyzing the behavior and interactions of economic agents. Economics is broadly divided into two main branches: microeconomics, which focuses on the decisions of individual agents and specific markets, and macroeconomics, which looks at the economy as a whole, including aggregate measures like GDP, unemployment, and inflation. The discipline employs various theories and models to understand economic phenomena, inform policy decisions, and address issues such as efficiency, equity, and economic growth.
The recent 10% tariff on China imports poses challenges for bargain shoppers on platforms like Temu. Shoppers are currently racing to secure low-priced items before potential price increases take effect.…