class 9 social science chapter 1 define economics.
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Economics is the study of how humans make decisions in the face of scarcity. These can be individual decisions, family decisions, business decisions or societal decisions. ... Scarcity means that human wants for goods, services and resources exceed what is available.
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Answer: Economics is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.
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