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Question

Economics is the study of ______.

A
Production technology
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B
Consumption Decisions
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C
How society decides what and how to produce
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D
The best way to run society
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Solution

The correct option is C How society decides what and how to produce

Economics is the study of how society decides what, how and for whom to produce. A market place is where buyers and sellers come together and reconcile their decisions on consumption and production by the adjustment of prices. Demand is the quantity that the buyers in a market place will purchase given a particular price. Supply is the quantity that sellers in a market place will produce given a particular price.


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