This is a true statement in the study of economics that focuses on how people, businesses, and governments select to allocate resources.
Economics is defined as the study of how individuals, businesses, and governments choose to allocate scarce resources, why they choose to allocate them that way, and the consequences of their chosen selection. Typically, economics is about solving the problem of scarcity - quantities of resources to meet unlimited wants.
Economics deals with a variety of complex issues of vital concern to society about the production of goods and services, as well as the growth of production and welfare over time period.
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