There are several major concepts that are central to the study of economics. One of these is scarcity, which refers to the limited availability of resources such as time, money, and natural resources. Continue Reading Below
There are several major concepts that are central to the study of economics. One of these is scarcity, which refers to the limited availability of resources such as time, money, and natural resources. Because resources are scarce, people must make choices about how to allocate them in order to satisfy their needs and wants. Another important concept is opportunity cost, which is the cost of a given choice in terms of the next best alternative that is given up. For example, if you decide to go to college, the opportunity cost may be the money you would have earned if you had worked instead. Other major concepts in economics include supply and demand, elasticity, marginal analysis, and externalities.
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