Nine Key Concepts

sustainability

• refers to the ability of present generation to satisfy its needs by the use of resources, without limiting future generations to satisfy their own needs.

equity

• The fairness of the distribution of resources, income, or wealth in a society. It focuses on whether people have reasonable and just economic opportunities and outcomes, rather than everyone receiving the same amount.

scarcity

• unlimited wants and needs vs. limited resources

intervention

• refers to an authority’s deliberate involvement in market with the aim of influencing economic outcomes, often to correct market failure or achieve social objectives.

change

• refers to the alteration of economic conditions, structures, or behaviors over time, which can affect markets, agents, and the allocation of resources.

interdependence

• refers to the mutual reliance between economic sectors, where the actions or outcomes of one directly affect those of others.

efficiency

• refers to making the best possible use of resources, maximum possible output from same or less input.

choice

• refers to the decision-making process of economic agents when faced with scarce resources and unlimited wants, requiring them to select between alternatives.

well being

• refers to the economic and social welfare of individuals or society, which can be measured in terms of material living standards, health, education, environmental quality, and overall happiness.