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Economics is the study of resource allocation, scarcity, and opportunity cost in decision-making processes.
Economics is the social science that studies how individuals, businesses, governments, and nations allocate resources to satisfy their wants and needs.
One key concept in economics is scarcity, where resources are limited compared to the unlimited wants of individuals and society, leading to the need to make choices. Opportunity cost is the value of the next best alternative forgone when a decision is made.
The discipline of economics addresses fundamental questions: What to produce, how to produce it efficiently, and for whom to produce for, all in the context of resource constraints.
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