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Alayna Rivera
on Nov 11, 2024

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Economics is best described as the:

A) study of choice when scarcity exists.
B) study of the production of goods and services.
C) theory of consumer behavior.
D) science of money.
E) art of spending money wisely.

Scarcity

Occurs when the amount people desire exceeds the amount available at a zero price.

Choice

The act of selecting between two or more possibilities, often present in decision-making processes.

Economics

The study of how people use their scarce resources to satisfy their unlimited wants

  • Understand the concept of scarcity and its significance in economics.
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LaDon DavisNov 18, 2024
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