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Economics is the study of the production, distribution, and consumption of goods and services. It delves into how humans make optimal decisions in the face of scarcity. Social science is divided into macroeconomics and microeconomics, each of which has several concepts to study under them. The discipline is popular in colleges and universities but it comes with its own set of quirks and confusion. While most concepts seem easy to understand, others can be very challenging but that's no reason to underperform in your homework.

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