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the production, distribution, and consumption of goods and services
Major types
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macroeconomics
examine overall economies on a regional, national, or international scale
Obstacles and pitfalls
fallacy of composition
what is true for the parts is true for the whole and what ius true for the whole is true for the parts
post hoc fallacy
error of reasoning that a first event causes a second event because the first occrs before the second
A Social science directed at the satisfaction of needs and wants through allocation of resources which alternatives uses.
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APPLIED ECONOMICS
the results of Applied Economics are used in assessing the performance of a company, helping the company with decision making
it is the study of economics, specifically the application of economics in real-life situation
since applied economics can't be manipulated, it shows the true situation of the economy and helps companies in copping up and making better decisions to adapt
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