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Explain economics in simple terms.
Economics refers to social science covering the production, consumption, and distribution of products and services in a particular specified area. It involves studying how individuals, governments, and businesses make decisions when allocating scarce resources to the production, consumption, and distribution activities. Economics is divided into two subcategories, microeconomics, and macroeconomics. Technically, Microeconomics deals with the economy's overall behavior, whereas macroeconomics examines the individuals and businesses.