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Economics is a social science that studies how individuals, businesses, governments, and societies allocate scarce resources to satisfy unlimited wants. It examines production, consumption, distribution, and the behavior of economies as a whole.
Key concepts in economics include supply and demand, opportunity cost, inflation, unemployment, fiscal and monetary policy, market structures (like competition and monopoly), and international trade. Economists use models and theories to analyze and predict economic trends and outcomes, helping policymakers, businesses, and individuals make informed decisions.
Is there a specific aspect of economics you’re interested in exploring further?
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