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1.1 Defining Economics by Margarita Alexeyenko is a document available to read on EtoBox.

What is 1.1 Defining Economics about?

The document defines economics and key concepts of scarcity, choice, and opportunity cost. It explains that economics examines how people make choices given limited resources. Scarcity means people must choose some options and forgo others. Every choice has an opportunity cost which is the value of the best forgone alternative. The document also outlines the three fundamental economic questions that every economy must answer: what to produce, how to produce it, and who will benefit from production.

Author

Margarita Alexeyenko

Language

EN