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An economy is a system for producing and distributing goods and services, but it only exists when there is scarcity and choices must be made regarding the use of limited resources.
Without scarcity, there is no need for economizing, and thus, no economics. In other words, economics studies the choices societies make regarding the use of scarce resources that have alternative uses.
Production is a fundamental aspect of economics that involves using scarce resources to create new output.
Efficient economies maximize output by minimizing waste and effectively utilizing scarce resources, ultimately determining a country's living standards.
Investment is the sacrifice of real resources today in order to have more in the future. The success of investments depends on how much consumers value the benefits of other people's investments.
Insurers reduce risk by categorizing the population into different risk groups and charging premiums accordingly.
That's why safe drivers pay lower car insurance premiums compared to their reckless counterparts. Similarly, office workers pay lower premiums for occupational injury insurance compared to professional snowboarders or construction workers.
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