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the study of how
individuals and nations make choices about ways to scarce resourses to fulfill their needs and wants
requirements for survival, such as food, clothing, and shelter
things we would like to have, such as entertanment, vacations, and items that make life comfortable and enjoyable
not having enough recources to produce all of the things we would like to have
simplifed representation of the real world that economists develope to describe how the economy behaves and is expected to prefom in the future