Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives—explain many human decisions. Scarcity is a fundamental economic problem in a world with limited ...

The concept of economic cycles is pivotal in understanding the fluctuations in the economy that impact our daily lives. These ...

This western concept of ‘economic man’ associates’ rationality with self-interest only and doesn’t look at the non-materialistic aspects that might be the driving force for an individual.

The invisible hand concept is closely related to laissez-faire economics, which proposes that government interference in the economy should be minimal and should run its own course.

A recession is "a contraction in economic activity," according to experts. During a recession, there is a range of decline spread across the economy.

The concept of rent seeking was established in 1967 by Gordon Tullock and popularized by Anne Krueger in 1974. It evolved from the studies of Adam Smith , who is often regarded as the father of ...

With economic concepts, kids need to start early, she said, and build on that knowledge, learning how there’s an opportunity cost when we make choices, and how scarcity dictates what society produces.