Unit 1.1 · What Is Economics? Scarcity, Choice, and Economic Models
Nine Central Concepts
AO2
Syllabus Requirement
Scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention serve as lenses for economic analysis and policy evaluation.
Assessment Objectives
AO2Application and Analysis
Summary
This topic introduces nine central concepts in economics that are crucial for understanding economic principles and real-world issues. These concepts include scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention, which help frame the study of economics and guide decision-making.