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1.1. What is Economics?. ECONOMICS ...is the study of how society decides:WhatFor whomHowto produce.... 1.2. What is Economics?(2). Society consists ofhouseholdsconsume goods and servicesfirmsproduce goods and servicesgovernment. 1.3. What is Economics? (3). Goods are physical comoditiessteel, food, Services are activities banking, education, helltheconomics is about human behavior in the productionexchangeuseof goods and services .

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