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economics is best defined as the study of

economics is best defined as the study of

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Economics is best defined as the study of individuals decide to allocate the scarce resources inorder to satisfy their unlimited wants. Human wants are unlimited and the resources to satisfy these wants are limited. Thus, individuals need to make choice between their wants. Economics helps us to allocate the scarce resources between the unlimited wants. It also studies how government should deal with unemployment and inflation. It also studies how to run a business and how to make money.

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