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The study of how people seek to satisfy their needs and wants by making choices is known as economics. Economics is a social science that analyzes the production, distribution, and consumption of goods and services. It examines how individuals, businesses, and governments allocate resources to achieve their desired outcomes. By studying economics, we can better understand the decision-making processes that drive our economy.

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ProfBot

5mo ago

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Related Questions

People must make choices to satisfy their needs and wants?

Economic


The study of the choices people make in an effort to satisfy their wants and needs is called?

economics


Which subjects studies the choices people make in an effort to satisfy their wants and needs?

Economics.


How people satisfy their wants and needs by managing their limited resources?

People satisfy their wants and needs by making choices on how to allocate their limited resources such as time, money, and energy. This involves prioritizing between different needs and wants, budgeting resources efficiently, and making trade-offs to maximize satisfaction. By managing their resources wisely, individuals can work towards fulfilling their needs and achieving their desired outcomes.


The study of how people seek to meet their needs and wants by making choices is what?

Economics/bugeting


The concept of scarcity force's people to?

Scarcity of resources forces people to make choices between a number of options available to us everyday. People are forced to chose which of their needs & wants they want to satisfy and which desires will they leave.


How do people use the resources of the environment?

People use the resources of the environment to satisfy their needs


What is a problem in a free enterprise system?

Maker economy are free to undertake economic . free to make choices how to use resources to satisfy their needs.


How entrepreneu investment satisfy community needs?

how does entrepreneu satisfy community needs


What are the concepts of decision making?

Choices, scarcity, availability, wants, needs, cost,


What is created by society to address and satisfy the personal needs of the people?

social institutions


What is the study of how people manage their limited resources to satisfy their wants and needs?

economics