Final answer:
Economics is the study of scarce resources and unlimited wants, involving concepts like scarcity and opportunity cost.
Explanation:
Definition of Economics
Economics is the study of how individuals, societies, and governments allocate scarce resources to fulfill unlimited wants and needs.
Nature of Economics
Scarcity refers to the limited availability of resources, leading to choices. Opportunity cost is the value of the best alternative forgone when a decision is made.
Three fundamental economic questions are: What to produce, how to produce, and for whom to produce.
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