What is Economics

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The document provides an overview of economics, discussing its three main parts: macroeconomics, microeconomics, and econometrics. It notes that macroeconomics examines systems from a broad perspective, covering topics like employment, welfare, stability, development, and globalization, while microeconomics focuses on individual choice, consumption, savings, and interest. The document also mentions findings on attractiveness and earnings, and lists some potential career paths for economics graduates.

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Economics is the study of this allocation of resources, the choices that are made by economic agents. An economy is a system which attempts to solve this basic economic problem. There are different types of economies; household economy, local economy, national economy and international economy but all economies face the same problem. The major economic problems are (i) what to produce? (ii) How to produce?

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