Economics studies how societies allocate resources from "summary" of The Economics Book by DK
Economics is the study of how societies make decisions about allocating resources. Resources are limited, but people's desires and needs are not. This leads to the fundamental economic problem of scarcity. Societies must decide how to distribute resources such as land, labor, and capital to satisfy the unlimited wants of individuals. This process involves making choices that involve trade-offs. For example, a society may have to choose between producing more consumer goods or investing in infrastructure.
Economists use models to analyze these decisions. These models simplify reality to help understand complex economic systems. They are based on assumptions about human behavior, such as ra...
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