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Economics

What is Economics?

what is economics

Economics is about making the best use of scarce resources to be ‘better off’. Resources to make things in an economy are scarce because they are in limited supply.

The economy must therefore use the resources wisely.

Economics is also about decision making.

Decisions are made by consumers and producers when buying and selling products. They must decide how much to buy and what price to pay.

Return to Introductory Economics Questions and Answers here.

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09

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What is Gross Domestic Product?

What is Gross Domestic Product? What is Gross Domestic Product or GDP is a fundamental question for macroeconomics students. Gross …

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Introductory Macroeconomics Questions and Answers

These introductory macroeconomics questions and answers will direct you to more resources to help in your study of macroeconomics. Introductory …

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What is the Circular Flow of Income Model?

What is the Circular Flow of Income Model? The Circular Flow of Income Model shows the key relationships of income, …

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What is Price Elasticity?

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