The study of economies is called economics. Economics examines how societies allocate limited resources to meet the needs and wants of people. It is divided into two main branches: microeconomics, which focuses on individual markets and the behavior of consumers and firms, and macroeconomics, which looks at the overall economy, including national income, inflation, and unemployment. By analyzing economic behavior, policies, and trends, economists aim to understand and predict economic activity, helping governments and businesses make informed decisions.