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Nine Key Concepts & Housing Search Trade Off - Coggle Diagram
Nine Key Concepts & Housing Search Trade Off
Well Being
Level of economic prosperity and quality of life in a country. The interactions between Economic agents determine the economic consequences in society
Depending on the choice regarding price vs. commute time your economic well being might be better. Possibly the higher price to own an apartment nearer the work place can improve your economic well being in comparison to the commute time otherwise.
Interdependence
Reliance on others to achieve goals. Resulting on the lack of self sufficiency in a globalized economy.
The choice of the government to invest in public transportation can reduce the costs with transportation, hence improving the economic well being of the worker. Which contributes to the economy due to the economy's reliance on that person's consumption
Scarcity
A limited amount of goods and services in the economy
There aren't infinite houses with an adequate price near the work place to avoid possible commute time.
Efficiency
The tentative to produce the maximum number of goods and services possible with a scarce input of limited goods
The tradeoff of choosing living near work demands personnel efficiency so that financial remuneration may outweigh housing costs.
Choice
Resulting from the scarcity choices need to be made while looking at the best opportunity cost.
The opportunity cost of needs to be measured to know if paying a higher rent to live nearer your workplace is better than doing the opposite. This may include other costs such as personal happiness and your mental wellbeing apart from only financial costs.
Intervention
Governmental terms and regulations to improve economic activity in the private sector (deflationary policies and etc)
If there are high inflation rates, the worker salary's will buy less things meaning that now owning that near work house may not be the best option.
Change
Economic agents need to be aware of change in a world that is constantly changing in every area of society.
Maybe the costs of owning a house far away can benefit me today, yet if I receive an extreme rewarding job opportunity my reality changed.
Equity
Perceived fairness for each and every individual particularly. This all depends on each person's reality and their beliefs.
Giving transportation vouchers for people that aren't financially capable of paying for transportation. Especially if the worker lives in a suburban area and has a high commute time.
Sustainability
The impacts of economic activity on the environment. It's the balance between economic progression and being sustainable.
If you value sustainability, maybe the higher price of renting an apartment near the workplace makes you feel better for not having to pollute so much environment by riding the bus every day for one hour.