economics

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TERM OF THE DAY economics The theories, principles, and models that deal with how the market processworks. It attempts to explain how wealth is created and distributed incommunities, how people allocate resources that are scarce and have many alternative uses, and other such matters that arise in dealing with human wantsand their satisfaction. Learn more about this term Usage Example Studying economics can help you understand the cost and consequences of decisions made by government and corporations, and therefore help you make more informed decisions regarding your own personal life and money.