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Economics. Economics is the study of production, delivery, and consumption of goods, services, and wealth. It involves analyzing the workings of economies and interactions between different economic agents. Economics has been a part of historic literature from Greek, Mesopotamian, Indian, Persian, and Chinese cultures.
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Resources are scarce, so figuring out how to allocate resources is the fundamental problem that the field of economics works to solve. In this lesson, we define economics and introduce the tools and thought processes that economists use to explain the world around us.