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1.What is economics all about OR what does the study of economics involve?
<br>Economics is the branch of social science that deals with the production and distribution and consumption of goods and services and their management
<br>How is the need to choose related to concept of cost?
<br>The need to choose is governed by the Law of demand, which says that higher the cost of a good, lower is the demand. Lower is the cost of the good, higher is the demand. That is why, a demand curve is always a downward sloping curve with a negative ...