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Synopsis Economics is a social science that studies the production, distribution, trade and consumption of goods and services. The subject, which focuses on measurable variables, 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, in which case it considers aggregate supply and demand for money, capital and commodities. Various schools of economics seek to explain economic phenomena using different assumptions, formalisms or basic paradigmatic assumptions. This book provides an authoritative information on basic concepts of economics and analytical tools that are used in advanced economic classes. It examines economic theories and the application of economic concepts in public policy and business operations. It will help readers to learn the fundamental principles of economics and to show them how those principles can be applied to their daily lives.