Økonomi

Økonomi is the Danish and Norwegian term for “economics,” which refers to the social science that studies the production, distribution, and consumption of goods and services. It focuses on how individuals, businesses, governments, and nations make choices about allocating resources, which are typically limited, to satisfy their needs and wants. Økonomi encompasses various concepts, including supply and demand, market structures, pricing mechanisms, and the role of government in managing economic activity. It can be divided into microeconomics, which examines the behavior of individual consumers and firms, and macroeconomics, which looks at the economy as a whole, including issues like unemployment, inflation, economic growth, and fiscal policies. The study of Økonomi helps in understanding how economies function and informs policy-making to improve economic outcomes.