It’s important to understand these are basics and will probably not be the same for you, so please don’t fixate on these and sim your character for a more accurate result.
Crit: increases your chance to critically strike.
Haste: decreases the cast time of your spells and lowers the global cooldown.
Versatility: gives flat damage done increase and damage taken reduction.
Mastery (Mastery: Savant): increases mana pool and mana regeneration. Also increases damage gain per Arcane Charge.
The best way to calculate stat priorities for your character is to "sim" your characterFind out how to sim
Race differences are very small and it’s almost no difference between most of them.
For maximum dps you should pick:
- Horde: Troll
- Alliance: Void Elf
But remember some racials have uses that would benefit you more, for example Blood Elf AoE dispel (Arcane Torrent) and Night Elf Shadowmeld can be useful, mostly in Mythic+. So don’t worry about it too much.
Enchant Weapon - Torrent of Elements
Enchant Ring - Accord of Critical Strike
However, it should be noted that you should also sim this as well to get the most accurate results.
Standard: Deadly Lava Lazuli (50 Critical Strike)
Potion: Potion of Focused Resolve
Food: Mecha-Dowel's "Big Mech"
Vantus Rune: Ny'alotha, the waking city (remember you can only use one of these per weekly reset)
Rune: Battle-Scarred Augment Rune (60 Intellect)