Answer:-
Economics is the study of how individuals, businesses, and societies manage resources, which are limited, to fulfill their unlimited wants and needs. It's about understanding how people make choices and trade-offs, given the scarcity of resources. Economics delves into various aspects, from the production and distribution of goods and services to market dynamics and government policies. It encompasses both microeconomics, which looks at individual decisions and market behavior, and macroeconomics, which examines broader issues like inflation, unemployment, and economic growth. In essence, economics is a social science that helps us comprehend and analyze the complexities of human decision-making and resource allocation in a world of infinite desires and finite resources.
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