What is Economics? An Intro to Economics
Pursuit of History・4 minutes read
Economics examines how individuals allocate scarce resources to meet unlimited wants and needs through the production, distribution, and consumption of goods and services. The fundamental economic issue of scarcity necessitates societies to make decisions on resource allocation based on their wants and needs.
Insights
- Economics studies how individuals decide to satisfy their infinite desires with restricted resources like money.
- The field encompasses the creation, allocation, and utilization of products and services, determining what, how, and for whom they should be produced.
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Recent questions
What does economics study?
Economics studies choices to fulfill wants with limited resources.
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