Question 2:- Explain the concepts of Economics.
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Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives—can help explain many decisions that humans make. ... As a result of scarce resources, humans are constantly making choices that are determined by their costs and benefits and the incentives offered by different courses of action.
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At the most basic level, economics attempts to explain how and why we make the purchasing choices we do. Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives—can help explain many decisions that humans make.
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