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1) Economics is the study of how individuals and societies make choices about ways to use scarce resources.
2) Rational decision making requires choices to be consistent with one's goals and involve trade-offs between alternatives.
3) Positive economics involves objective analysis of economic conditions and relationships, while normative economics makes judgments about what economic policies or outcomes are desirable.
1) Economics is the study of how individuals and societies make choices about ways to use scarce resources.
2) Rational decision making requires choices to be consistent with one's goals a…