INTRODUCTION TO ECONOMICS

How many Key concepts are there?

• 7

• 9

• 8

• 10

Government involvement in the workings of market.

• Intervention

• Scarcity

• Sustainability

• Change

in economics refers to the ability to present generation to meet its needs without compromising the ability to meet their own needs

......... is about getting the most out of the resources available. It emphasises using resources in a way maximise productivity

Economic groups such as consumers, households, business and governments interact together. The more these groups interact, the more they are_______

Which is not considered to be a Key concept?

• Well Being

• Equity

• Adaptation

• Interdependence

Looks at the factors that affect the economy as a whole

........ is where scarce resources are put to their best possible use in producing goods and services in optimal combinations for society, minimising the waste of resources

• Sustainability

• Intervention

• Allocative efficiency

• Finite resources

What is the acronym used to memorise the key concepts?

• WISH CHOICE

• WISE CHOICES

• WELL CHOICES

• WISE CHOICE

Deals with smaller, discrete economic agents, such as consumers and producers in individual market.