Economics is a social science that seeks to model the behavior of economic agents (consumers, workers, firms, and government agencies) in an effort to explain the production, distribution, and consumption of goods and services in a world where scarcity exists. Economists develop theoretical models to explain and predict economic outcomes and test these predictions using advanced statistical techniques. Topics include the choice of production technologies, wage inequality, schooling decisions, inflation, unemployment, and many other economic phenomena that affect the lives of everyone in our society.
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