What is economics?

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It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money. Economics is a broad discipline that helps us understand historical trends, interpret today’s headlines, and make predictions about the coming years.
                              OR
 The branch of knowledge concerned with the production,consumpation and transfer of wealth. 

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