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Key Concepts of Economics, Screen Shot 2022-09-14 at 11.59.41 AM, Screen…
Key Concepts of Economics
Scarcity
Scarcity is limited access to a certain resource based on societies unlimited wants for such resources
Choice
Economics is the study of choice. the loss of potential gain from other alternatives when one alternative is chosen.
Efficiency
Economic efficiency is when all goods and factors of production in an economy are distributed or allocated to their most valuable uses and waste is eliminated or minimized.
Equity
Equality of opportunity for all. (fairness) similar to equality
Economic well being
Quality of life within the economy. Economic stability
Sustainability
Economic sustainability refers to practices that support long-term economic growth without negatively impacting social, environmental, and cultural aspects of the community.
Change
Change Economics attributes value to every component of transformation efforts, including current and future business value, customer value, and employee and stakeholder value. It allows you to make informed decisions about focus, investment, and resource allocation.
Interdependence
Economic interdependence is the mutual dependence of the participants in an economic system who trade in order to obtain the products they cannot produce efficiently for themselves
Intervention
Government involvement within its own economy an example being the US government funding the markets during covid.
Normative Statement
A statement that can't be proven right or wrong
A "Could" or "Would" statement
Positive Statment
A positive Statement Is a statement
A "Is" statement
