Q. what is economics?
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A standard definition of economics could describe it as: a social science directed at the satisfaction of needs and wants through the allocation of scarce resources which have alternative uses. We can go further to state that: economics is about the study of scarcity and choice.
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Economics is the social science that studies how people interact with things of 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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