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

Clay Halton was a Business Editor at Investopedia and has been working in the finance publishing field for more than five years. He also writes and edits personal finance content, with a focus on ...

Financial literacy refers to the understanding and capability to make informed and efficient decisions about personal financial resources. It encompasses the knowledge of how money works in the world: ...