Supply and Demand: Supply and demand is an important economic concept that states how the availability of a certain product and the number of people who desire and can afford it will impact the price of the product in a competitive market.

Opportunity Cost: Opportunity cost refers to the potential benefit that an individual or business misses out on when choosing one option over another. It is the cost of forgoing the most preferred choice when faced with two or more mutually exclusive alternatives.

Market Structure: Market structure is the grouping of different types of businesses and products within a given industry. The four main types are perfect competition, monopoly, oligopoly, and monopolistic competition.

Economic Growth: Economic growth is an increase in a nation’s output of goods and services, typically calculated as the percentage increase in a country’s real gross domestic product (GDP). Economic growth occurs when the nation reaches full capacity, produces more output without additional inputs, or increases its productivity.

Understanding Economic Data: A key part of making informed decisions is understanding economic data. This includes analyzing a wide range of data, both qualitative and quantitative, to determine trends, compare different economies, and forecast future economic performance.