Economics is the social science that studies the production, distribution, and consumption of goods and services. It explores how individuals, businesses, and governments make choices about allocating scarce resources to satisfy their needs and desires. Economics is divided into two main branches: microeconomics, which focuses on the behavior of individuals and firms in making decisions regarding the allocation of limited resources, and macroeconomics, which examines the economy as a whole, including issues like inflation, unemployment, and economic growth. Economists use various models and theories to analyze economic behavior and to understand how economic agents interact within markets. The principles of economics are applied to address real-world issues and to inform policy decisions.
The Canadian beef industry is currently basking in unprecedented market prices, yet the threat of impending tariffs introduces an unsettling element. Amidst this backdrop of uncertainty, experts urge producers to…