what are the four basic concepts of economics 
there are four economics concepts that are key to understanding economic decision making scarcity supply and demand incentives and costs and benefits scarcity refers to the fact that valued resources are limited in quantity supply and demand meanwhile is the relationship between the price of a good or service and the consumer interest in purchasing it which for example can incentivize producers to increase the supply of goods when demand rises and consumers to limit their consumption of certain goods when supplies are scarce lastly cost and benefit is the dynamic between how much a good or service costs to produce purchase versus the benefit acquired from doing so 