Applied economics is a branch of economics that applies economic theory and analysis to real-world issues in order to inform decision-making and policy formulation. It involves using economic principles and methods to study various economic problems and phenomena such as market behavior, consumer behavior, pricing strategies, resource allocation, and economic growth. Applied economists often use statistical and econometric tools to analyze data and forecast outcomes, and their research findings can be used to guide policy recommendations and business strategies. This field is highly interdisciplinary and may encompass areas such as labor economics, environmental economics, health economics, and more.