ID Lecturer Current Event A good enough understanding of the economy is important for the people so that they can make-do with the economic implications and forecasts which are prepared from time to time. This article by Andrew Beattie mentions the 5 different economic concepts which consumers must know in order to have a fair enough idea. The most significant concept is related with scarcity and remains a highly solid fact, even more so than abstraction. The supply and demand is another concept which has remained a much desired entity that shall be achieved within the realms of economics. The market domains are largely run by supply and demand dynamics which have a long lasting role on the economic angles (Beattie, 2012). Similarly, costs and benefits need to be understood as well as these remain pivotal towards gaining an understanding of the economic studies. Also the incentives are spoken of once the costs and benefits are already discussed and when rational expectations are formulized.
Their examination is much required from an economic viewpoint. Profit sharing remains the key as far as the modern day economic realms are concerned as these give a better idea of how things shall be sequenced alongside one another. Putting it together in such a fashion that there is harmony of sorts is the way to achieve success in the long run scheme of things as far as the economic concepts is related. This will essentially underline the need to remain head-on with the economic entities which have come about with the passage of time and which shall receive attention from all and sundry within the economic quarters.
References
Beattie, A. (2012). 5 Economic Concepts Consumers Need to Know. Found Online at:
http://www. investopedia. com/articles/economics/11/five-economic-concepts-need-to-know. asp#axzz25rgPM2lg
