Scarcity correct answers The central concept in economics, scarcity refers to the limited availability of economic resources relative to society's unlimited demand for goods and services.
Choice correct answers Since resources are scarce, economics is a study of choices. It is clear that not all...
IB Econ: 9 Key Concepts(All Accurately solved)
Scarcity correct answers The central concept in economics, scarcity refers to the limited availability of
economic resources relative to society's unlimited demand for goods and services.
Choice correct answers Since resources are scarce, economics is a study of choices. It is clear that not all
needs and wants can be satisfied; this necessitates choice and gives rise to the
idea of opportunity cost.
Efficiency correct answers Efficiency is a quantifiable concept, determined by the ratio of useful output to
total input.
Equity correct answers Equity refers to the concept or idea of fairness. Fairness is a normative concept, as
it means different things to different people.
Economic well-being correct answers Economic well-being is a multidimensional concept relating to the
level of prosperity and quality of living standards enjoyed by members of an economy.
It includes:
• present and future financial security
• the ability to meet basic needs
• the ability to make economic choices permitting achievement of personal satisfaction
• the ability to maintain adequate income levels over the long term.
Sustainability correct answers Meeting the needs of the present generation without compromising the
ability of future generations to meet their own needs.
Change correct answers An understanding of the concept of change is essential in economics. The
economic world is in a continual state of flux and economists must be aware of this and adapt their
thinking accordingly.
Interdependence correct answers Individuals, communities and nations are not self-sufficient. Consumers,
companies, households, workers, and governments, all economic actors, interact with each other within
and, increasingly, across nations in order to achieve economic goals.
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