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| Economics may appear to be the study of complicated
| a
| the production, distribution, and consumption of goods and services.
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| Economics is the study of what constitutes rational human
| b
| allocating scarce resources between competing uses.
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| Modern economics began in 1776, with the
| c
| limited resources as to best satisfy their wants, needs, and desires.
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| Modern definition of economics interprets it as the social science, which analyzes
| d
| an economic profit from it by combining all other factors of production.
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| Economics studies human behaviour and explains how individuals and groups make decisions with
| e
| the benefits of options of different goods and choosing the one with the highest benefit.
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| Economics is called the study of scarcity because economic activity
| f
| scarce resources to satisfy their unlimited wants.
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| The entrepreneur is an individual who takes an idea and attempts to make
| g
| publication of Adam Smith's Wealth of Nations.
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| The main problem in economics is the question of
| h
| tables and charts, statistics and numbers.
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| Most of economics is based on the simple idea that people make choices by comparing
| i
| behaviour in the endeavour to fulfil needs and wants.
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| Economics is the study of how people choose to allocate
| j
| would not exist if scarcity did not force people to make choices.
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