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An economy where all goods are distrubuted to the point that waste is eliminated or minimized. And the economy is getting as much benefit as possible from these goods.

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Micro:

When the government sets a minimum price on a product which all producers must legally set their price above

Macro:

Tax increases or tax cuts

Minimum wage legislation

Global Economy:

Imported goods taxes to increase or reduce demand

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Intervention is when the government becomes involved with the workings of markets to correct perceived failures

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DALL·E 2024-08-15 12.38.12 - A conceptual illustration of government intervention in the global economy. The image features a large, stylized globe at the center, surrounded by in

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Micro: International trade is the trade that takes place between two or more countries is due to the lack of production capabilities of a specific product of one country and the mastery in production of the same product of the other country.

Macro: The auto market - The tire market, the computer market, the steel market and many more must work together to produce cars

Global Economy: Russias policy on gas affects transports costs in Europe, and air pollution generated in the United States

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Definition: Interactions between different parties in order to achieve economic goals or to produce goods that they cannot make on their own

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Definition: Interactions between different parties in order to achieve economic goals or to produce goods that they cannot make on their own

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Micro: An example is sustainable agriculture, which reduces waste from micro-farming by replacing grass yards with edible landscapes to use less water and attract pollinators.

Macro: An example is inclusive growth from changes in GDP and economic growth.

Global Economy: Helps support long-term financial growth without damaging the environment

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sustainability in economics refers to the ability of the present generation to meet its needs without compromising the ability of the new generations to meet it own needs.

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Micro: access to basic goods

Macro: land

Global Economy: affording enough employees

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refers to the level of prosperity, economic satisfaction and standards of living among the members of a society

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Micro: price fixing in the insulin market

Macro: progressive taxation to redistribute income

Global Economy: trade agreements which favour one country

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The concept or idea of fairness

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Micro: When nothing can be improved without something else being hurt. A farmer wants to sell part of his land. The individual that will pay the most for the land uses the resource more efficiently than someone who does not pay the most money for the land.

Macro: If the unemployment is 0% in a country salaries will be higher, and prices of goods increase leading to inflation. So macro efficiency is finding the percent of unemployment needed so that goods are at reasonable prices for the population of the country

Global Economy: Global economic efficiency is when the economic state in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency

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Micro: Many people would like to own a Ferrari, but most settle for cars which they can afford

Macro:People will invest in companies with good economic conditions rather than bad economic conditions.

Global Economy:Insurance industry is popular all over the world and is the choice of risk reduction

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DefinitionEconomic choice is the behavior observed when individuals make choices solely based on subjective preferences.

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DefinitionEconomic choice is the behavior observed when individuals make choices solely based on subjective preferences.

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Micro: Limited Transportation infrastructures in rural areas

Macro: a limited amount of land (minerals, raw materials) for everyone to use for production

Global Economy: Limited amount of oil and gas

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The situation in which available resources, or factors of production, are finite, whereas wants are infinite

------------------------------------------------------------Scarcity is the concept that resources are only available in limited supply, whereas society's demand for those resources is unlimited. (Group Federico, Alessandro, Andres)

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Micro:

Macro:

Global: