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Economics
The study of how individuals and nations make choices about how to use scarce resources to fulfill their wants.
Macroeconomics
The study of the whole economy of a country/nation. Deals with imports and exports, money systems, laws and regulations, and economic output.
Microeconomics
The study of individual areas of the economy. It deals with single companies/ corporations , individuals and households, and decision making
Scarce Resources
A resource that is limited-- Water, lumber, oil, gold, electricity, diamonds, and food.
Relative Scarcity
A resource that is limited and is valued by society.
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