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The Study of Scarcity and Its Effects On Resource Utilization

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Josaril Mark Francisco Daniel
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29 views1 page

The Study of Scarcity and Its Effects On Resource Utilization

Uploaded by

Josaril Mark Francisco Daniel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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The study of scarcity and its effects on resource utilization, the creation of commodities and services,

the expansion of production and welfare over time, and a wide range of other intricate problems that
are crucial to society's well-being is known as economics.

Economics is the study of human decision-making in the face of scarcity. It can be applied to personal,
family, company, or societal decisions. Scarcity is a reality that most people have to deal with on a daily
basis.

Microeconomics is the field of economics that looks at the economic


behaviors of individuals, households, and companies.
Macroeconomics takes a wider view and looks at the economies on a
much larger scale—regional, national, continental, or even global.

The behavior of individual economic agents, such as families, companies, and laborers, is the main
emphasis of microeconomics. The entire economy is examined in macroeconomics. It focuses on broad
concerns including government deficits, the rate of inflationary price increases, the number of jobless
people, and the growth of production and imports. Macroeconomics and microeconomics are
complimentary viewpoints on the topic of the economy as a whole, not two distinct fields of study.

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