9 Key Concepts + economics vocab

Scarcity

the state of having limited resources for a larger demand for wants and needs.

Choice

economic agents decide between many alternatives

Equity

fairness, helping those in need

Economic well-being

prosperity, economic satisfaction, high standard of living, financial freedom.

Efficiency

use of resources in the best possible way

Sustainability

use of resources without decreasing future resources

Change

economic study society, society changes

Interdependence

economic agents interact, they depend of each other

Intervention

government gets involved, uses regulations

Microeconomics

studies the behaviour of individuals, like firms, businesses, households, and markets.

Macroeconomics

studies the behaviour as a whole, like countries.

Economics

the study of how resources are distributes, consumed and produced.

Social science

subjectivity

Natural science

objectivity