Volkswirtschaftslehre

Volkswirtschaftslehre (economics) studies how societies allocate limited resources to meet the needs and desires of individuals and groups. It examines the production, distribution, and consumption of goods and services, analyzing how markets function, how prices are determined, and how government policies impact economic stability and growth. The goal is to understand and improve economic well-being, address issues like unemployment, inflation, and inequality, and support informed decision-making by policymakers, businesses, and consumers. Essentially, it explores the large-scale choices and patterns that shape an economy’s health and development.