Economics is the science scarcity and sciene ofchoice.Explain
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The basic economic problem is that needs and wants are unlimited, but resources are scarce. ... Scarcitymeans that resources are limited, and because resources are scarce, people must make choices. Economics is the social science that studies how people use scarce resources to satisfy unlimited needs and wants
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Scarcity means that resources are limited, and because resources are scarce, people must make choices. Economics is the social science that studies how people use scarce resources to satisfy unlimited needs and wants.
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