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Themes in Economics, Scarcity, Choice, Sustainability, Change, Many…
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Many economic sectors interact with each other making it a necessity to take into account the reaction of rival parties. An example of this is international trade and the relationship between countries.
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Economic well-being relates to the people within a functioning economy and their quality of life. This can be measured by aspects such as financial security and basic needs.
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Contrary to equality, equity looks into the idea of distribution in terms of fairness. There are many different ways of determining fairness which makes equity a controversial issue.
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Economic efficiency is the goal to maximize the amount of output while minimizing waste. In an efficient setting if one entity was harmed it would jeopardize every other entity.
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Despite the economy being a well rounded system there are times when external factors must play a role to ensure everything runs smoothly. This includes the government and legal enforcement agencies.
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The idea that resources are not infinite and may become scarce at a certain point. Economics is dependant on scarce resources.
Sustainability is the practice of continuing to make economic progress without the risk of harm to sectors such as the environment.
Due to scarce recourses, we are forced to make choices within Economics. This results in us sacrificing one thing for another or "Opportunity Cost".
Economic change is the development in the market and it's needs as we move into the future. As time goes on the demand for scarce items will change which will impact our Economic decisions.
