Economics

Key concepts
- Scarcity - Unlimited wants, limited resources

- Choice - how to allocate scarce resources

- Every choice you make…
- Opportunity cost - the value of the next best alternative

𝑡𝑜𝑡𝑎𝑙 𝑜𝑢𝑡𝑝𝑢𝑡
- Efficiency - the total output vs the total input, 𝑡𝑜𝑡𝑎𝑙 𝑖𝑛𝑝𝑢𝑡
, lowest cost, highest output
- Equity = fairness ≠ equality
- Economic well-being - how well people are doing
- Sustainability - how well can we meet our needs without sacrificing future
generations needs
- Change - income chang, school change, healthcare chance
- Interdependence - depend on eachother, eg. consumers, producers, government
- Intervention - how much the government interferes in the market

Land -
Examples for land can be rivers, weather, sheep, trees

Labour-
Skillset
Economics

Key concepts
- Scarcity - Unlimited wants, limited resources

- Choice - how to allocate scarce resources

- Every choice you make…
- Opportunity cost - the value of the next best alternative

𝑡𝑜𝑡𝑎𝑙 𝑜𝑢𝑡𝑝𝑢𝑡
- Efficiency - the total output vs the total input, 𝑡𝑜𝑡𝑎𝑙 𝑖𝑛𝑝𝑢𝑡
, lowest cost, highest output
- Equity = fairness ≠ equality
- Economic well-being - how well people are doing
- Sustainability - how well can we meet our needs without sacrificing future
generations needs
- Change - income chang, school change, healthcare chance
- Interdependence - depend on eachother, eg. consumers, producers, government
- Intervention - how much the government interferes in the market

Land -
Examples for land can be rivers, weather, sheep, trees

Labour-
Skillset
Economics

Key concepts
- Scarcity - Unlimited wants, limited resources

- Choice - how to allocate scarce resources

- Every choice you make…
- Opportunity cost - the value of the next best alternative

𝑡𝑜𝑡𝑎𝑙 𝑜𝑢𝑡𝑝𝑢𝑡
- Efficiency - the total output vs the total input, 𝑡𝑜𝑡𝑎𝑙 𝑖𝑛𝑝𝑢𝑡
, lowest cost, highest output
- Equity = fairness ≠ equality
- Economic well-being - how well people are doing
- Sustainability - how well can we meet our needs without sacrificing future
generations needs
- Change - income chang, school change, healthcare chance
- Interdependence - depend on eachother, eg. consumers, producers, government
- Intervention - how much the government interferes in the market

Land -
Examples for land can be rivers, weather, sheep, trees

Labour-
Skillset
Economics

Key concepts
- Scarcity - Unlimited wants, limited resources

- Choice - how to allocate scarce resources

- Every choice you make…
- Opportunity cost - the value of the next best alternative

𝑡𝑜𝑡𝑎𝑙 𝑜𝑢𝑡𝑝𝑢𝑡
- Efficiency - the total output vs the total input, 𝑡𝑜𝑡𝑎𝑙 𝑖𝑛𝑝𝑢𝑡
, lowest cost, highest output
- Equity = fairness ≠ equality
- Economic well-being - how well people are doing
- Sustainability - how well can we meet our needs without sacrificing future
generations needs
- Change - income chang, school change, healthcare chance
- Interdependence - depend on eachother, eg. consumers, producers, government
- Intervention - how much the government interferes in the market

Land -
Examples for land can be rivers, weather, sheep, trees

Labour-
Skillset
Economics

Key concepts
- Scarcity - Unlimited wants, limited resources

- Choice - how to allocate scarce resources

- Every choice you make…
- Opportunity cost - the value of the next best alternative

𝑡𝑜𝑡𝑎𝑙 𝑜𝑢𝑡𝑝𝑢𝑡
- Efficiency - the total output vs the total input, 𝑡𝑜𝑡𝑎𝑙 𝑖𝑛𝑝𝑢𝑡
, lowest cost, highest output
- Equity = fairness ≠ equality
- Economic well-being - how well people are doing
- Sustainability - how well can we meet our needs without sacrificing future
generations needs
- Change - income chang, school change, healthcare chance
- Interdependence - depend on eachother, eg. consumers, producers, government
- Intervention - how much the government interferes in the market

Land -
Examples for land can be rivers, weather, sheep, trees
Labour-
Skillset
Economics

Key concepts
- Scarcity - Unlimited wants, limited resources

- Choice - how to allocate scarce resources

- Every choice you make…
- Opportunity cost - the value of the next best alternative

𝑡𝑜𝑡𝑎𝑙 𝑜𝑢𝑡𝑝𝑢𝑡
- Efficiency - the total output vs the total input, 𝑡𝑜𝑡𝑎𝑙 𝑖𝑛𝑝𝑢𝑡
, lowest cost, highest output
- Equity = fairness ≠ equality
- Economic well-being - how well people are doing
- Sustainability - how well can we meet our needs without sacrificing future
generations needs
- Change - income chang, school change, healthcare chance
- Interdependence - depend on eachother, eg. consumers, producers, government
- Intervention - how much the government interferes in the market

Land -
Examples for land can be rivers, weather, sheep, trees

Labour-
Skillset
Economics

Key concepts
- Scarcity - Unlimited wants, limited resources

- Choice - how to allocate scarce resources

- Every choice you make…
- Opportunity cost - the value of the next best alternative

𝑡𝑜𝑡𝑎𝑙 𝑜𝑢𝑡𝑝𝑢𝑡
- Efficiency - the total output vs the total input, 𝑡𝑜𝑡𝑎𝑙 𝑖𝑛𝑝𝑢𝑡
, lowest cost, highest output
- Equity = fairness ≠ equality
- Economic well-being - how well people are doing
- Sustainability - how well can we meet our needs without sacrificing future
generations needs
- Change - income chang, school change, healthcare chance
- Interdependence - depend on eachother, eg. consumers, producers, government
- Intervention - how much the government interferes in the market

Land -
Examples for land can be rivers, weather, sheep, trees
Labour-
Skillset
Economics

Key concepts
- Scarcity - Unlimited wants, limited resources

- Choice - how to allocate scarce resources

- Every choice you make…
- Opportunity cost - the value of the next best alternative

𝑡𝑜𝑡𝑎𝑙 𝑜𝑢𝑡𝑝𝑢𝑡
- Efficiency - the total output vs the total input, 𝑡𝑜𝑡𝑎𝑙 𝑖𝑛𝑝𝑢𝑡
, lowest cost, highest output
- Equity = fairness ≠ equality
- Economic well-being - how well people are doing
- Sustainability - how well can we meet our needs without sacrificing future
generations needs
- Change - income chang, school change, healthcare chance
- Interdependence - depend on eachother, eg. consumers, producers, government
- Intervention - how much the government interferes in the market

Land -
Examples for land can be rivers, weather, sheep, trees

Labour-
Skillset
Economics

Key concepts
- Scarcity - Unlimited wants, limited resources

- Choice - how to allocate scarce resources

- Every choice you make…
- Opportunity cost - the value of the next best alternative

𝑡𝑜𝑡𝑎𝑙 𝑜𝑢𝑡𝑝𝑢𝑡
- Efficiency - the total output vs the total input, 𝑡𝑜𝑡𝑎𝑙 𝑖𝑛𝑝𝑢𝑡
, lowest cost, highest output
- Equity = fairness ≠ equality
- Economic well-being - how well people are doing
- Sustainability - how well can we meet our needs without sacrificing future
generations needs
- Change - income chang, school change, healthcare chance
- Interdependence - depend on eachother, eg. consumers, producers, government
- Intervention - how much the government interferes in the market

Land -
Examples for land can be rivers, weather, sheep, trees

Labour-
Skillset
Economics

Key concepts
- Scarcity - Unlimited wants, limited resources

- Choice - how to allocate scarce resources

- Every choice you make…
- Opportunity cost - the value of the next best alternative

𝑡𝑜𝑡𝑎𝑙 𝑜𝑢𝑡𝑝𝑢𝑡
- Efficiency - the total output vs the total input, 𝑡𝑜𝑡𝑎𝑙 𝑖𝑛𝑝𝑢𝑡
, lowest cost, highest output
- Equity = fairness ≠ equality
- Economic well-being - how well people are doing
- Sustainability - how well can we meet our needs without sacrificing future
generations needs
- Change - income chang, school change, healthcare chance
- Interdependence - depend on eachother, eg. consumers, producers, government
- Intervention - how much the government interferes in the market

Land -
Examples for land can be rivers, weather, sheep, trees

Labour-
Skillset