Four key economic concepts–scarcity, supply and demand, costs and benefits, and incentives
Step-by-step explanation:
Although possessing a clear knowledge of economic philosophy isn't quite as critical as managing the family budget or studying how to drive a vehicle, the qualities that motivate the analysis of economics affect every moment of our lives. At the most simple point, economics is attempting to understand how and when we make the buying decisions we do.
Four main economic principles – shortage, supply and demand, costs and profits, and opportunities – can help clarify a variety of human decisions.