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Economics, study of how goods and services are produced and how they are distributed. Resources are scarce or limited and not all needs can be met. Economics is concerned with how to distribute scarce resources in the most efficient, equitable way. Macroeconomics is the study of an entire economic system. Microeconomics deals with economic activity in the individual case.

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21st Century Webster's Family Encyclopedia21st Century Webster's Family Encyclopedia - Dream to Eijkman, Christiaan