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Svetradugi [14.3K]
3 years ago
5

Why is economics called a study of scarcity and choice?

Social Studies
1 answer:
Sonja [21]3 years ago
6 0

Economics is the study of the creation, transfer, and consumption of wealth.

A key part of that is how consumers and producers choose to do what they do in a system with limited resources.

As a result, economics really is all about how people choose to do what they do when they have scarce resources.

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