In economics refers to the ability of the present generation to

meet its needs without compromising the ability of future generations to meet

their own needs. It refers to limiting the degree to which the current

generation’s economic activities create harmful environmental outcomes

involving resource depletion or degradation that will negatively affect future

generations.

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.

Refers to the

concept or idea of fairness. Fairness is a normative concept, as it means

different things to different people.

Refers to the limited availability of

economic resources relative to society’s unlimited demand for goods and

services. Thus, economics is the study of how to make the best possible use of

scarce or limited resources to satisfy unlimited human needs and wants.

An understanding of this concept 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.

is a quantifiable concept, determined by the ratio of useful output to

total input. It refers to making the best possible use of scarce resources to produce the combinations of goods and services that are

optimum for society, thus minimizing resource waste.

Since resources are scarce, economics is a study of this concept. It is clear that not all needs and wants can be satisfied; this necessitates this concept and gives rise to the idea of opportunity cost.

Economic decision-makers continually use this concept

between competing alternatives, and economics studies the consequences of

these, both present and future.

In economics usually refers to government involvement in the

workings of markets. While markets are considered the most efficient

mechanism to organize economic activity, it is recognized that they may fail to achieve certain societal goals, such as equity, economic well-being, or

sustainability.