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9 Central Concepts of IB Economics, image - Coggle Diagram
9 Central Concepts of IB Economics
Economic Well Being
The general well being and prosperity enjoyed by the members within and economy.
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Efficiency
The efficacy of performance in relation to the inout and resources provided.
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Scarcity
Limited availability of economic resources
Society's unlimited demand for goods and services
Refers to the relationship between these two concepts
Choice
The inability to satisfy all needs and wants. Choice is necessary and is typically measured in opportunity cost
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Change
The constant shifting and variation in a growing economy.
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Interdependence
The level to which different economies rely and depend on each other for goods and services.
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Sustainability
Having an economy function without compromising the prosperity of future generations and economies.
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Equity
Not equality, but the just distribution of wealth and resources.
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Intervention
Government involvement and help in economies and economic situations, such as subsidies.
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