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28 Oct 2021
Problem 2
Page 290
Section SELF: CHECK QUESTIONS
Chapter 12: Environmental Protection and Negative Externalities
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28 Oct 2021
Introduction
Economics is the study of how businesses, societies, households, governments and individuals allocate their scarce resources to meet their unlimited needs. Economics just does not deal in money but in making choices and decisions such as business decisions, societal decisions, family decisions or individual decisions keeping scarcity in mind. Hence, the valuable knowledge gained through economics helps in making well-informed decisions concerned with the optimal distribution of resources in society.
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