The study of economics is best described as the study of how people and societies cope with scarcity.

Question

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Economics is the study of how individuals, businesses, governments, and societies make decisions to allocate limited resources to satisfy unlimited wants and needs. This is done in a world of scarcity, where resources are finite but human wants and needs are infinite. Therefore, the study of economics is focused on how people and societies cope with scarcity and make choices to maximize their well-being given limited resources.

The Study of Economics Is Best Described as the Study