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Write short note Economics

Write short note Economics?

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Economics is the social science concerned with the problem of using scarce resources to attain the greatest fulfillment of society’s unlimited wants. Economics is a science of efficiency in the use of scarce resources. Efficiency requires full employment of available resources and full production.

1. Full employment means all available resources should be employed.

2. Full production means that employed resources are providing maximum satisfaction of our economic wants.  If this is not so underemployment arises.

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