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9 Key Concepts of Economics, download, download-3, download, download-2,…
9 Key Concepts of Economics
Scarcity
The limited resources in relation with the unlimited demands of society
Interdependence
Economic agents such as consumers, workers, companies, and governments interact and depend on each other to achieve goals.
Choice
As resources are limited, people need to make in selecting what they want. Both opportunity costs and economic costs can result from choices
Economic Wellbeing
The multi-faceted living standards of members of an economy
Sustainability
Providing for the needs of the present generation but also ensuring that future generations are protected
Equity
Fairness for people and distributing sufficient but possibly different amounts of resources
Efficiency
The most effective use of resources to produce the best outcomes for society
Change
The only constant is change. Economics focuses on how variables change and produce economic change.
Intervention
Government involvement in the workings of markets. Failure to achieve certain key areas of economics can result in intervention
