Economics
- 1. **The Economic Problem**: At the heart of economics is the concept of scarcity. Resources are limited, and therefore, choices must be made about how they are allocated. This leads to the basic economic problem: how to satisfy unlimited wants with limited resources.
- 2. **Supply and Demand**: These are the core principles that determine the price of goods and services in a market. Supply refers to how much the market can offer, while demand refers to how much of a product or service is desired by consumers.
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