The most fundamental concept in economics is that

The economic way of thinking is

Entrepreneurs are

Profits and losses play an important role in helping

Production possibilities curve are usually bowed outward. This is because

The market pricing system corrects an excess supply by

If scarcity were eliminated,

When economists say the demand for a product has decreased, they mean

As a general rule, technological progress

Modern economics as a field of study is usually thought to have begun with