Economics is primarily the study of a) scarcity of resources or goods. This discipline focuses on how individuals, businesses, and governments make choices about allocating limited resources to meet their needs and desires. Scarcity forces us to make decisions about what to produce, how to produce it, and for whom it should be produced. While other options like social interactions, biological systems, and human behavior under stress may touch on economic principles, the core concept of economics revolves around scarcity and the choices that arise from it.
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