Economics is the "study of how human beings allocate scarce resources to produce various commodities and how those commodities are distributed for consumption among the people in society (see distribution). The essence of economics lies in the fact that resources are scarce, or at least limited, and that not all human needs and desires can be met. How to distribute these resources in the most efficient and equitable way is a principal concern of economists."
"economics." The Columbia Encyclopedia. New York: Columbia University Press, 2008. Credo Reference. Web. 02 February 2012.
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