Concept 2(“Opportunity Cost“):The cost of the choice(s) you give up.
Concept 3(“Margin“): It means choosing a little bit “more” or a little bit “less” of something.
Concept 4(“Incentive“):Something that influence you to make a decision.
Concept 5(“Specialization and Trade“): Specialization and trade will improve the well-being of participants.
Concept 6(“Role of Governments“): Governments can improve the coordinating function of markets.
Concept 7(“Production and standard of living“):The standard of living of an average person in a particular country is dependent on its production of goods and services. A rise in standard of living requires a rise in output of goods and services.
Concept 8(“Money and Inflation“):If the monetary authorities of a country annually print money in excess of the growth of output of goods and services it will eventually lead to inflation.
Concept 9(“Inflation-Unemployment Tradeoff“):In short run,societies faces a short-run tradeoff between inflation and it’s level of unemployment.
Concept 10(“Marginal Analysis“):Comparison between marginal benefits and marginal costs.