Definitions for IB Economics Section 1.1 Competitive Markets: Demand and Supply Economics as a social science: It is concerned with human beings and the social systems by which they organize their activities to satisfy basic material needs (eg, education, knowledge, food, golf and shelter) Economics: Concerned with the production of goods and services, and the consumption of these goods and services. Every country whether rich or poor has to make choices and is confronted with the key…
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