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The Complete Idiot's Guide to Economics, 2nd Edition by Tom Gorman

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What Is Economics and Who Cares?

Economics is the study, description, and analysis of the ways in which societies produce and distribute goods and services. Economics can be applied to ancient civilizations—the Greeks and Phoenicians had economies—and to modern societies at the national, state, and local levels. For instance, California has the largest economy of any state, while New York City has the largest of any U.S. city. Even a household has an economy (although this book does not cover home economics). Any system for deciding what is produced, how it is produced, and who gets to consume it—whether it is the system of an entire planet (as in the global economy) or a defined segment of society—is an economy and can be understood in economic ...

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