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The study of how individuals, institutions, and society make choices under the conditions of scarcity is what?

User Shaan
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The study described in the question is a field called Economics.

Economics is often described as a field of study that analyzes production, distribution, services, and the consumption of products.

How humans behave under the conditions of scarcity is a major underlying concept that the field seeks to observe. Scarcity itself refers to a gap between resources and the demand for them.

User Demonsoul
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