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Key Concepts of Economics - Coggle Diagram
Key Concepts of Economics
Choice
Not all needs and wants can be satisfied, have to make choices between things
Equity
Fairness
Economic well being
Living standards of members of an economy
Sustainability
The present generations meets their need while not compromising the future
Intervention
Government involvement in the workings of the markets
Change
The economy and world is always changing
Interdependence
All economic agents interact and need each other for the economy to function
Efficency
Minimizing what you put in and maximizing what you get out
Scarcity
Conflict between finite resources and unlimited wants and needs
