Economics is a social science of which studies how The economy of a particular region, a country or the global economy works.
Economics is about making choices in the presence of scarcity.
Even the richest person on earth Would have to face scarcity and make choices.
Every country in the world face scarcity, except the degree of it varies
Problem of choice arise because of the scarcity
Economics is the study of ‘choice problems’ at individual national and International.
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