Mastering the Basics of Economics

The basic concepts in economics include scarcity, choice, opportunity cost, supply and demand, and production.

Scarcity refers to the limited availability of resources in relation to unlimited wants and needs.

Opportunity cost is the value of the next best alternative that is forgone when making a choice.

<p>Gross domestic product</p> Signup and view all the answers

<p>The cost of the next best alternative foregone</p> Signup and view all the answers

<p>The limited availability of resources</p> Signup and view all the answers