Economics is the social science that studies how individuals, businesses, governments, and societies allocate their scarce resources to satisfy their unlimited wants and needs. It examines the production, distribution, and consumption of goods and services, analyzing how these processes are affected by various factors such as market dynamics, incentives, and policies. Economists utilize models and theories to understand and predict economic behavior and to evaluate the consequences of different economic systems and policies. The field is typically divided into two main branches: microeconomics, which focuses on individual agents and markets, and macroeconomics, which looks at the economy as a whole, including issues like inflation, unemployment, and economic growth. Ultimately, economics seeks to understand how human choices affect resource allocation and improve overall well-being.
In 2025, Germany will revise the criteria for earning pension points, which are critical for retirement planning. Pension points are awarded based on how an individual's salary compares to the…