4 Major Economic Concepts Every Consumer Should Know
Have
you ever wondered how economics has been playing a major role in society? Adam
Smith the father of economics who laid the foundation of economics realized
that the subject of economics is present everywhere. From balancing a household
budget to preparing economic planning for a rocket launch everything involves
economics.
Even
though it is involved in your daily activities, it is not that simple to
understand. When it comes to being chosen as a specialization, the assignments
you will get are a little complex to understand at the very first step. You may
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The
four key concepts of the economic study help individuals to take better
decisions in economic situations.
- Scarcity-
You
must be certainly aware of the term scarcity in general. Scarcity in economics
explains that the scarce or limited resources on the earth have a great demand.
You will notice how this reality forces people to make use of recycling and
sustainability. So that whatever is their highest priority is received easily.
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- Supply
and Demand-
When
the demand for a particularly limited resource rises, the price for the
resource also increases. Similarly, if the supply of the object or resource
increases the price also falls. This is just a basic explanation for demand and
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- Cost
and benefits-
Cost
and benefit is a technique of comparing the total cost and benefits with the
total expected rewards. This theory is more related to the theory of rational
choice on which economics is based. At the university level, you will perform
cost and benefit daily on taking decisions to choose more important courses.
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- Incentives-
This
concept is based on profit sharing, bonuses for good performance and employee
stock ownership. The motive is to influence an individual’s behavior to produce
the desired results naturally. When you work for a company, incentives will
motivate you to work more to get more value for the company.
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