Economics, a social science and the foundation of business, deals with the study of how a society produces, distributes, and consumes its income, wealth, resources and outputs, and tries to find the most efficient solution to economic problems. Because of the scarcity of resources, individuals, firms and governments must make choices. Economics, as a science, deals with decision making on the part of the consumers, laborers, business firms and governments and the sophisticated techniques for measuring costs and benefits of their various alternatives.
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