Economics is the social science that studies the production, distribution, and consumption of goods and services. It examines how individuals, businesses, governments, and societies allocate their resources, make choices, and interact within markets. Economics is divided into two primary branches: microeconomics, which focuses on individual and business decision-making, and macroeconomics, which looks at the economy as a whole, including issues like inflation, unemployment, and economic growth. Central concepts in economics include supply and demand, opportunity cost, market equilibrium, and externalities. The discipline aims to understand how economies function and how economic agents respond to incentives, informing policies that can improve overall welfare and efficiency in society.
Portugal's absolute poverty rate saw a dramatic decline in 2022, signaling a hopeful change for families. This decrease in poverty reflects both economic growth and effective social support programs. The…