What is Economics?
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5 Terms
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Economics
Is a social science that studies how society manages its scarce resources.
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Resources
Anything that can be used to produce something else.
Classic economic resources: land, capital, human capital
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Scarce
When it is desirable but limited in quantity.
A resource is scarce when there is not enough of the resource
available to satisfy all the various ways a society wants to use it.
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Economists examine how people make choices
How much they work, what they buy, how much they save, how
they invest their savings
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Note 
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