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Economic concepts—scarcity, supply and demand, costs and benefits, and incentives
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Economics

Economic concepts—scarcity, supply and demand, costs and benefits, and incentives

Economics is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources

Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.

Economics is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.

Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives—can help explain many decisions that humans make.

Economics is defined as a science that deals with the making, distributing, selling and purchasing of goods and services. An example of economics is the study of the stock market.

Economics, at its very heart, is the study of people. It seeks to explain what drives human behaviour, decisions and reactions when faced with difficulties or successes. Economics is a discipline which combines politics, sociology, psychology and history.

Two major types of economics are microeconomics, which focuses on the behaviour of individual consumers and producers, and macroeconomics, which examines overall economies on a regional, national, or international scale.

Concepts that everybody should know:

  • Supply and demand. Many of us have seen the infamous curves and talked about equilibrium in our micro- and macroeconomic classes, but how many of us apply that information to our daily lives?
  • Scarcity
  • Opportunity cost
  • Time value of money
  • Purchasing power