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What is economics? Why is if so important?

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1. Economics is the study of how societies, governments, business establishments, households and individuals allocate their scarce resources.

2. The study of economics can also provide valuable knowledge for making decisions in everyday life.

3. Economics is about the study of scarcity and choice.

4. By studying how markets work, our young people also learn how to make efficient choices in managing their own scarce resources, such as time and money.

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