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The study of economics deals with the issue of scarcity. Questions on what to produce, how goods and services will be produced and how produced goods and services are distributed in society, represents the kinds of questions economists deal with on a daily basis. In other words, economics explores how do we use scarce resources to satisfy unlimited wants in society. The study of economics utilizes historical data, theoretical models and empirical evidence to explain the behavior of individuals, firms and nations in producing and consuming goods and services.

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