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9 key concepts of economics - Coggle Diagram
9 key concepts of economics
Economic wellbeing
The quality of living of the members in an economy
Efficiency
The measure of useful output produced from the input, or the allocation of resources to achieve optimum use
Sustainability
The present generation's effects on the next generation's ability to meet the same needs and wants
Intervention
Government involvement in the economy to achieve a goal
change
The economy is always fluctuating based on real-world events
Scarcity
There are limited resources, unlimited demands for them
Equity
The concept of fairness
Choice
Decision makers decide what to do with their limited resources
Interdependence
Economic agents interacting to achieve goals
