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Economics (from the Greek ïßêïò [oikos], 'family, household, estate', and íïìïò [nomos], 'custom, law', hence "household management" and "management of the state") is a social science that typically studies the production, distribution, and consumption of goods and services. Since the early part of the 20th century, economics has focused largely on measurable variables, and employed both theoretical models and empirical analysis[1]. Economic logic is increasingly applied to any problem that involves choice under scarcity or determining economic value (such as politics, religion, pyschology, history and dating). A professional working in economics or having an academic degree in the subject is an economist.

The subject is broadly divided into two main branches: microeconomics, which deals with individual agents, such as households and businesses, and macroeconomics, which considers the economy as a whole. An alternate division of the subject distinguishes positive......

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