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

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Economics is the study of how individuals, households, firms, and societies make choices about the allocation of scarce resources to satisfy their unlimited wants and needs. This involves analyzing how people make decisions in different economic systems, including market-based and command-based systems. It also involves understanding the role of government in the economy, such as how taxes and regulations impact economic behavior. Overall, the study of economics helps to explain how we manage scarcity and allocate resources in society.

Economics Can Be Defined as the Social Science That Explains