This document discusses four basic economic tools used in business economics: opportunity cost, time value of money, marginalism, and incrementalism. It defines each concept and provides examples to illustrate how each tool works, such as opportunity cost being what is given up to pursue an alternative and time value of money representing that money has less value the further it is in the future. Marginalism and incrementalism relate to utilizing additional units of resources and estimating the impact of decisions on changes in costs and revenues.