Unit 1 -nine central concepts

Scarcity

Scarcity

limited availability relative to society’s unlimited demand

Choice

because of resource scarcity

Efficiency

ratio of useful output to total input

Equity

fairness

Economic well being

present/future financial security

ability to meet basic needs

ability to make choice

ability to maintain income levels over long term

sustainability

meet needs without compromising future generation’s needs

Change

continual status of flux

interdependence

interactions (govs, workers, firms …)

interventions

usually government involvement