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The study of economics enables students to make informed decisions about limited resources. Scarcity is an unavoidable reality because societies do not have enough productive resources to satisfy the wants and needs of all individuals

The study of economics enables students to make informed decisions about limited resources. Scarcity is an unavoidable reality because societies do not have enough productive resources to satisfy the wants and needs of all individuals. Therefore, choices must be made concerning the production and distribution of resources. Understanding basic economic concepts allows students to adequately compete for resources in the marketplace.

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