Economics is the social science that studies how individuals, groups, and societies allocate scarce resources to meet their needs and wants. It examines the production, distribution, and consumption of goods and services, as well as the behavior and interactions of economic agents such as consumers, businesses, and governments. Economics is divided into two main branches: microeconomics, which focuses on the decisions of individual agents and the functioning of specific markets, and macroeconomics, which looks at the economy as a whole, analyzing aggregate indicators like GDP, unemployment rates, and inflation. The discipline employs various methodologies, including mathematical models and empirical analysis, to understand economic phenomena and inform policy decisions. Ultimately, economics seeks to explain how systems operate and to provide insights into improving economic well-being and efficiency.
Recent government proposals to raise out-of-pocket medical expenses have sparked intense debate, particularly affecting vulnerable groups like cancer patients. Patient advocacy groups have voiced significant concerns, highlighting the additional financial…