IB ECON Key Concept's

Scarcity

the idea that resources are insufficient to satisfy unlimited human needs and wants.

Choice

Since resources are scarce, it is not possible for all human needs and wants to be satisfied.

Efficiency

Refers to making the best possible use of scarce resources to avoid resource waste.

Equity

The idea of being fair or just, Equity is not the same as equality, which is the sameness of treatment or outcomes for people or groups of people in a society.

Economic well-being

Is the concept that has several different dimensions. It refers to levels of prosperity, economic satisfaction and standards of living among the member of a society.

Sustainability

The long-term maintenance or viability of any particular activity or policy in. In economics it is most commonly used to refer to the ability of the present generation to satisfy its needs by the use of resources, and especially non-renewable resources, without limiting future generations’ ability to satisfy their own needs.

Change

the study of change in economics is the study of a situation and another situation that has been caused by a change in one or more variables.

Interdependence

refers to the idea that economic decision-makers interact with and depend on each other. Such interdependence occurs on all levels, from nations to individuals.

Intervention

refers to government intervention, meaning that the goverment becomes involved with the working of markets.