The study of economics is the study of choices. How should a society allocate and distribute its resources? Which needs should have the highest priority and which are less important? Economists study how people use their limited resources to satisfy their unlimited wants. They create scientific models to explain why people behave the way they do and use these models — along with observations of the world — to analyze and explain why things happen the way they do. Based on this knowledge, they propose solutions to problems that may at first seem surprising, but that prove to work well in practice. Economists work in all areas of government and industry, in positions ranging from stock market analysis to sports marketing and banking regulation.

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