1. Why is choice essential in the study of economics?
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Choice is important because economics studies the decisions that people make under conditions of scarcity. ... One component of economics is game theory, where we study the choices that people make when they're not sure what the counterparty to their choice is going to do.
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Choice is important because economics studies the decisions that people make under conditions of scarcity. ... One component of economics is game theory, where we study the choices that people make when they're not sure what the counterparty to their choice is going to do
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