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What is the definition of economics given in the textbook and by the instructor?

Oct 30, 2023

What is the definition of economics given in the textbook and by the instructor?

answer: The definition of economics given in the textbook and by the instructor is the study of how individuals, businesses, and governments make choices about the allocation of scarce resources to satisfy unlimited wants.

Key Concept

Economics is the study of how people make choices to allocate limited resources to fulfill their unlimited wants.

Explanation

This definition highlights the fundamental concept of scarcity, which refers to the limited availability of resources compared to the unlimited wants and needs of individuals and society as a whole. Economics examines how individuals, businesses, and governments make decisions to allocate these scarce resources efficiently and effectively.

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