Which definition more suits for economics? Why?
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Economics is a social science discipline that studies how individuals interact with one another given their resources. It is concerned with consumption, production, and distribution decisions, as well as the consequences of these decisions.
Economics is a social science that studies the production, distribution, and consumption of products and services, as well as the resource allocation decisions made by people, corporations, governments, and nations.
- Economics is the study of how individuals, both individually and collectively, allocate finite resources for production, distribution, and consumption.
- Microeconomics and macroeconomics are the two disciplines of economics.
- Economics is concerned with the efficiency of production and trade.
- The GDP and the Consumer Price Index (CPI) are two extensively used economic statistics.
- Scarce resources come at a cost. The pricing system determines how much a client is willing to spend in order to fulfill demand. A scarce resource will be more expensive, but an abundant supply will be less expensive.
- This is how the pricing system, sometimes known as the "invisible hand," works. Consider the invisible hand to be a force that moves through the free market, balancing supply and demand without the interference of the government.
- Each transaction between buyer and seller provides a signal about which goods and services are valued and how difficult it is to bring those goods and services to market.
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