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Economics
- Economics is the study of how people manage scarce resources to meet their needs.
- A need is the feeling of lacking something, alongside a desire to fulfill it.
- There are two types of needs:
- Primary needs: directly linked to survival or personal development (e.g., food, clothing, education).
- Secondary needs: increase well-being and vary based on time and culture (e.g., a mobile phone, internet access).
- Goods and services are what people use to fulfill their needs.
- Goods and services fulfill primary and secondary needs.
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