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What Economics Is
“Economists today agree on a general definition something like the following:
Economics is the study of how men and society end up choosing, with or without the use of money, to employ scarce productive resources that could have alternative uses, to produce various commodities and distribute them for consumption, now or in the future, among various peoples and groups in society. It analyzes the costs and benefits of improving patterns of resource allocation”
Paul Samuelson, Economics
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