Studied by 3 people
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
