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Earn +20 ptsQ: What is the study of how society manages its scarce resources?
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How does the study of economics depend upon the phenomenon of scarcity?
Economics is the study of how society manages its scarce resources therefore, the study of economics is only important because of the scarcity of resources. Higenyi
What is the study of the allocation of resources?
ECONOMICS is the study of the allocation of SCARCE resources.
Definition of economics by William nordhaus?
William NOrdhaus defined economics as the study of how individual and society choose to use scarce resources.
How is economics often described?
Economics is often described as a body of knowledge or study that discusses how a society tries to solve the human problems of unlimited wants and scarce resources.
What does the study of economics focus on?
what scarce resources are used to produce goods and services.
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