The study of how society employs resources to produce goods and services and distribute them for consumption among various competing groups and individuals is known as:

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Economics is the study of how society allocates its scarce resources to produce goods and services and distribute them among different individuals and groups. This involves the study of the behavior of individuals, firms, and governments in making decisions regarding the production, consumption, and distribution of goods and services. Human resource management, finance, and marketing are all important components of economic activity, but they are specialized fields within the broader discipline of economics.

The Study of How Society Employs Resources to Produce Goods