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Good economists should master: Using economic theory to make predictions and develop hypotheses Analyzing data to statistically answer questions Communicating findings to a wide (non-economist) audience
Economists study the relationship between a society's resources and its production or output. They examine how people make choices under conditions of scarcity and systems of production, consumption, and distribution. They also examine the effects of government policy and actions on market outcomes.
The main principles guiding economists' thinking are: scarcity, cost-benefit analysis, incentives, and market efficiency.
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