What is economics? Why?
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Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.
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What Is Economics, and Why Is It Important? By the end of this section, you will be able to: Economics is the study of how humans make decisions in the face of scarcity. These can be individual decisions, family decisions, business decisions or societal decisions. If you look around carefully, you will see that scarcity is a fact of life.
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the branch of knowledge concerned with the production, consumption, and transfer of wealth.
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