explain with examples the importance of the study e of economics..
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Economics is the important you get to know how societies, governments, businesses, households, and individuals allocate their scarce resources. The economics can also provide valuable knowledge for making decisions in everyday life. ... The very science is named as 'economics'.
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Considered a social science, economics uses scientific methods to understand how scarce resources are exchanged within society. Economists study theories and techniques useful for developing policies in government as they have a deep understanding of how to create efficiency in today's world.
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