Economics, often regarded as the study of how individuals, businesses, and societies allocate resources, encompasses a myriad of theories and principles crucial for understanding various aspects of decision-making, resource allocation, and the functioning of markets. As students embark on their journey toward earning an Economics degree, they encounter a multitude of concepts that form the bedrock of this discipline. In this comprehensive guide, we delve into the five fundamental concepts of economics that serve as cornerstones for grasping the intricacies…