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Basics: Defining Economics

Economics is one of the most well known subjects among the social sciences. It has found application in nearly each and every domain present in today’s time. It is not uncommon to come across some economic concept while listening to news or browsing through newspaper articles. Economics is everywhere, in industries, in the government policies, everywhere. In fact, our household finances too come under the scope of economics. So, the first question that comes to our mind is “What is Economics all about?
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