Discover four key economic concepts: scarcity, supply and demand, costs and benefits, and incentives. Learn how they affect consumer choices and financial decisions.

One beauty of economics — the study of how human beings use scarce resources — is that its basic principles apply to life even if money is not involved. Opportunity cost, externalities, sunk costs, ...

Lessons from Soviet Economics for the Climate Era Abby Innes argues the world needs to reimagine how governments wield economic tools if we are to get on track to fight climate change.

A fundamental economic principle is that voluntary trade creates wealth, and the more people trade, the greater their well-being. Most economists agree that the more a nation’s citizens can trade with ...