Answered

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The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals is:

A. Capitalism
B. Socialism
C. Economic philosophy
D. Economics

Sagot :

GinnyAnswer

Final answer:

Economics studies resource allocation in society, focusing on scarcity, opportunity costs, and economic systems.


Explanation:

Economics: The Study of Resource Allocation

Economics is the study of how society decides to utilize resources to produce goods and services and distribute them among different groups and individuals. It deals with questions of what to produce, how to produce, and for whom to produce. Economies can be classified into traditional, command, or market-oriented systems, with most societies being a mix.

Key takeaway: Scarcity drives economic decision-making, where choices come with opportunity costs as individuals or societies allocate resources.


Learn more about Economics here:

https://brainly.com/question/14787713


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