definitions of economics | BTCC Knowledge

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Economics is the study of how society allocates scarce resources to produce goods and services. It explores wealth, welfare, scarcity, and growth, drawing from the works of Adam Smith, Alfred Marshall, and Lionel Robbins. Learn the basics of economics with an introduction to key definitions and concepts, including the role of statistics in economic analysis. Understand how economics applies to real-world issues and informs decision-making.

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