Economics can be defined as the social science that explains the .

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Economics is the study of how individuals, firms, governments, and societies make choices about using limited resources to fulfill unlimited wants and needs. This is often referred to as coping with scarcity. While choices made by households and in markets are certainly a part of economics, the overarching focus is on the larger economic system and the choices made within it. Politicians may also make choices that impact the economy, but their decisions are only a small part of the larger economic system.

Economics Can Be Defined as the Social Science That Explains