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Why economics is a science of choice?

Economics is a science of choice because it helps in effective and efficient utilization of the scarce resources. Economics teach us that how the resources can be economically utilized and how that utilization does not harm other member of the societies.

What is the basic concern of Economics?

The need to study economics stems from the basic problem of scarcity and choice. The basic concern of economics is to allocate the scarce resources to the best possible use in the face of unlimited wants.


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