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Economics studies resource allocation in society, focusing on scarcity, opportunity costs, and economic systems.
Economics is the study of how society decides to utilize resources to produce goods and services and distribute them among different groups and individuals. It deals with questions of what to produce, how to produce, and for whom to produce. Economies can be classified into traditional, command, or market-oriented systems, with most societies being a mix.
Key takeaway: Scarcity drives economic decision-making, where choices come with opportunity costs as individuals or societies allocate resources.
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