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The Mystery of Inflation (Pocketbook Pain!)

Jimmy Akin's Mysterious World

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What Does Economics Mean?

Economics is the study of use of scarce sources that have alternative uses. We often think of economics as involving money, but it doesn't have to. Any time you have a limited resource and can put it to more than one use, you're dealing with an economic question. All all of us are making economic decisions even if they don't involve money. To understand this, we need to think about two concepts, scarce resources and alternative uses.

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