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Human wants are unlimited, but the resources necessary to satisfy those wants are limited. Every society has an identical problem, the problem of scarcity.
Everyone – individuals, business, firms and government – need to make choices from among the things they want. In the process they will try to economize, to get the most from what they have. With this in mind we define economics as the social science that describes and analyzes how society chooses from among scarce resources to satisfy its wants.
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Every society has an identical problem, the problem of …
resources
wants
choices
scarcity