define economics and type of economics
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Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively. ... Capitalism, socialism, and communism are types of economic systems
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- Economics is a social science concerned with the production, distribution, and consumption of goods and services.
- Two major types of economics are microeconomics, which focuses on the behavior of individual consumers and producers, and macroeconomics, which examine overall economies on a regional, national, or international scale.
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