Supply and Demand: Supply and demand is the basic economic concept of how buyers and sellers interact with each other. Demand is how much of a product or service is desired by buyers, while supply is how much the market can offer. When demand increases, prices typically go up. When supply increases, prices typically go down.

Opportunity Costs: Opportunity cost is the cost associated with choosing one investment or decision over another. It is the cost of the next best foregone alternative. It is the value of lost opportunity when a decision is made.

Market Structure: Market structure is the ways in which the market for a given good or service is organized. It includes the number and size of firms in the market, their product and pricing strategies, entry and exit restrictions, and the degree of competition. Different markets have different structures, and the structure of a market has an impact on the efficiency and performance of the market.

Economic Growth: Economic growth is measured by increases in the real gross domestic product (GDP), or economic output. GDP is an economic indicator used to measure the economic performance of a country. It measures the total market value of all goods and services produced within a country over a given period of time. Increases in real GDP indicate an increase in economic output and typically reflect an improvement in standards of living.