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 scarce resources to satisfy their needs and desires. Economics can be broadly divided into two main branches: microeconomics, which focuses on the behaviors of individuals and firms, and macroeconomics, which looks at the overall economy and large-scale economic factors such as inflation, unemployment, and economic growth. Economic theories and models aim to understand and predict how economies function and how various factors influence economic activity. Ultimately, economics seeks to address issues related to efficiency, equity, and the well-being of societies.
The potential for a new trade war highlights the vulnerability of U.S. oligarchs, whose fortunes are tied to global markets. The "America First" mindset, led by the previous administration, involved…