Economics, as a field, is the study of human choices under scarcity. It focuses on analyzing how humans attempt to find solutions to the problem of disparity between what they have and what they want and the consequences of their choices.

As scarcity is a permanent condition of existence, humans are constantly making choices between different courses of action, different goods, and different needs to satisfy. The need to make these choices forces us to juxtapose the utility we derive from different goods against each other, so we are able to make informed choices.

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