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What Is Economics What is Economics? Bolanle Gbadebo Introduction to Microeconomics (ECON210-Q1FF) Ernest Massie 01/26/2013 WHAT is ECONOMICS A Professor of Economics Smith, A. (2000) in his book Demystifying economics defines economics as “the study of how individuals and society choose to use limited resources in an effort to satisfy people’s unlimited want” (p11). Also.