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Modern Principles of Economics notes 18th November 2022
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1. Ten principles of Economics

A society faces many decisions in real life. Like a household, a society as a whole

must decide how to allocate its resources. Because there is only a limited amount of

resources, we say that resources are scarce. Economics is the study of how society

manages its scarce resources. In this chapter, we will study how people make

decisions and why.
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Modern Principles of Economics notes 18th November 2022
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1. Ten principles of Economics 
A society faces many decisions in real life. Like a household, a society as a whole 
must decide how to allocate its resources. Because there is only a limited amount of 
resources, we say that resources are scarce. Economics is the study of how society 
manages its scarce resources. In this chapter, we will study how people make 
decisions and why.
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