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Answer to Question #35052 in Other Economics for Jacob

Question #35052
What is economics
Expert's answer
What is economics?


The answer
Economics is a social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy their unlimited wants. Economics can generally be broken down into: macroeconomics, which concentrates on the behavior of the aggregate economy; and microeconomics, which focuses on individual consumers.

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