SuperMoney
Explore

Major Concepts in Economies

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  

About Major Concepts in Economies

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.
SuperMoney
Best Picks
Partner with us
Go to homepage
AICPA SOC for Service Organizations badge SOC 2 Type II Monitored by Vanta badge

Copyright 2023 SuperMoney, LLC. All rights reserved.

SuperMoney Advertiser Disclosure

*SuperMoney is not responsible for third party products, services, sites, recommendations, endorsements, reviews, etc. All products, logos, and company names are trademarks™ or registered® trademarks of their respective holders. Their use does not signify or suggest the endorsement, affiliation, or sponsorship, of or by SuperMoney or them of us.

Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any financial institution. This editorial content is not provided by any financial institution.

SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). SuperMoney strives to provide a wide array of offers for our users, but our offers do not represent all financial services companies or products.

We endeavor to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

† To check the rates and terms you qualify for, one or more soft credit pulls will be done by SuperMoney, and/or SuperMoney's lending partners, that will not affect your credit score. However, if you choose a product and continue your application at a lending partners' website, they will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.