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  • junioreconomist

    Hey, thanks for being honest. Looks like I've got some research to do.

    To help you out a little, think of economics as the answer to the question "how much of each resource should be allocated to each of its many uses?" Doing so in the most efficient manner is what economics is all about. Different types of economic systems are basically different ways of making decisions about the allocation of scarce resources, and each of these decisions has an impact on the whole society. Again, I'm paraphrasing Thomas Sowell since he's much smarter than I am.