Economics studies how individuals and businesses make decisions in a world scarcity of resources.
This is further explained below.
Generally, Economics is the branch of study that looks at how society as a whole creates, distributes, and uses its products and services. To understand the functioning of economies, economists study the activities and relationships of economic actors.
Scarcity is defined as "the underlying truth of existence that there exists only a finite number of human and nonhuman resources, which the finest technological knowledge is capable of exploiting to generate only restricted maximum quantities of each economic item."
In conclusion, Economists examine how people and corporations make choices in the face of limited resources.
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