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Economics (A Level)

We live in a world where resources are scarce. Money is scarce, luxury items are scarce and, in some countries, basic needs such as food are scarce. Economics looks to solve the problem of how scarce resources are allocated. Economics is the social science that studies how individuals, businesses, countries, and even societies decide how to allocate scarce resources. Scarce resources are those things that are not easily reproducible or in limited supply, like labour, natural resources, land, and raw materials.