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Definition of economics

User AngryBoy
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Economics is a social science that studies how individuals, businesses, governments, and societies make decisions about how to allocate scarce resources to satisfy their unlimited wants and needs. It examines how goods and services are produced, distributed, and consumed, and how markets and economies function. Economics is concerned with the study of incentives, the effects of resource allocation on social welfare, and the interactions between economic agents.

User Hellslam
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