Economics studies how individuals, businesses, governments and societies make choices when faced with scarcity and limited resources. It examines what, how and for whom goods and services are produced. Microeconomics focuses on individual and business choices and interactions in markets, while macroeconomics looks at whole economies. Choices determine patterns of production and use of factors like land, labor, capital and entrepreneurship. Pursuing self-interest through choices can promote social interests if it leads to efficient use of resources and fair distribution of goods.