Central concepts of Economics

Central concepts of Economics

by Muhammad Shahriar Hasan -
Number of replies: 2

Along with the meaning and the definition of economics, it is important to understand the basic economic terms and concepts in detail to get the awareness of maintaining a proper budget for the house or task or any organization. We have five fundamental economic concepts in general. They are as follows- 

  1. Supply and demand

  2. Scarcity

  3. Opportunity cost

  4. Time value of money

  5. Purchasing power