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Economics is the social science that examines how individuals, businesses, governments, and nations allocate scarce resources to meet unlimited wants and needs. It encompasses key concepts such as scarcity, microeconomics, macroeconomics, and incentives, which help to understand and predict human behavior and inform policy decisions. The study of economics is essential for managing resources efficiently and making informed choices at all societal levels.

Author

Selamawit Workneh

Language

EN