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2 January, 04:48

Why is economics called a study of scarcity and choice?

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  1. 2 January, 05:52
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    Economics is the study of the creation, transfer, and consumption of wealth.

    A key part of that is how consumers and producers choose to do what they do in a system with limited resources.

    As a result, economics really is all about how people choose to do what they do when they have scarce resources.
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