fundamental concept of business economics
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The key concepts of fundamental economics include decision making and cost benefit analysis, division of labor and specializations, economic institutions, economic systems, incentives, money, opportunity cost, productive resources, productivity, property rights, scarcity, trade exchange and interdependence
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Economics attempts to explain how and why we make the purchasing choices we do.
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Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives
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