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Key Concepts of Economics - Coggle Diagram
Key Concepts of Economics
Scarcity
Scarcity is when the demand of resources far outweigh the amount of physical capital or supply of that resource, creating an insufficiency.
Choice
Making choices and weighing opportunity cost due to economic scarcity. Not everyone can get what they want.
Efficiency
Weighing the input and output of every situation and making the best choice based on that ratio
Equity
Equity refers to the idea of fairness in the economy. How people are held responsible for their decisions.
Sustainability
Using resources, manpower, and capital in a way where it can be accessible and available for use to future generations.
Economic Well Being
Concept referring to the quality of life and economic state of a person, family, company, organization, country etc
Change
A shift in the economic structure of the flow of goods
Interdependence
Two countries in a mutually beneficial relationship, where they can depend on each other for resources not available in their geographic location.
Intervention
Intervention usually refers to government involvement in the market
