Economics is a social science that studies individuals' economic behavior, economic phenomena, as well as how individual agents, such as consumers, ¯firms, and government agencies, make trade-offs choices that allocate limited resources among competing uses.
People's desires are unlimited, but resources are limited, therefore individuals must make trade-offs. We need economics to study this fundamental conflict and how these trade-offs are best made.
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People's desires are unlimited, but resources are limited, therefore individuals must make trade-offs. We need economics to study this fundamental conflict and how these trade-offs are best made.
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