Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Is Free and Open Indo-Pacific contain a rapidly rising China?
Expert Solution
Step 1
Economics was developed as a subject to manage scarce resources and distribute this among individuals with unlimited wants. As a result, through human evolution economics as a subject has developed an understanding of the allocation, optimization, and distribution of scarce resources.
The main motivation behind developing economics was to equalize the supply and demand of goods. Humans should produce goods in such a way that all the produced goods are consumed efficiently through demand.
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