Economics can be defined as the study of the scarce resources that are in a [place and how to use the scarce resources to carry out production of goods and services for the growth of society.
Why is this a great definition of economics?
This is due to the fact that it takes into consideration the fact that there a limited resources in a nation.
And despite these the needs are plenty and so it is useful that the scarce resources are well utilized to solve the issues of man.
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