Applied Economics

Applied economics is the practical application of economic theory and principles to real-world situations. It involves analyzing data and using economic models to solve specific problems, inform policy decisions, or understand how economic factors influence businesses and individuals. For example, applied economists might study the effects of a tax change on consumer spending, evaluate the economic impact of a new law, or assess how supply and demand affect prices in a market. Essentially, it bridges theoretical economics and practical decision-making in various fields like business, government, and healthcare.