The first economic concept is about opportunity costs. Other than the cost of money, you have to consider the cost of the time and effort when you're committing to something else. The cost of committing to something else is what is the next best thing you could be doing with your time. For example, my friend and I attended a Lakers basketball game. The game took about two hours in total. The opportunity cost to this was the time I could have took to do my school homework or visit my grandmother for dinner; it was the next best thing i could have done.
The second economic concept is about trade-offs. It is basically about the consequences there are with every action you choose to take. Therefore you have to make a choice of which path you want to take. For example, an elementary school chose to take sports out of their program for students. A particular student who loved sports would not be able to play anymore. His parents either had a choice to take him out of the school and pay more money or let him be less happy. There were consequences to both.
The final economic concept is about incentives. Incentives are about personal motivations to get someone to do something. For example, in 2008 food prices went up in the markets, because of this people started to shop less. If the prices were lower they would buy more.
