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WH Economics (Micro) > 1.1.2 Positive and Normative Statements > Flashcards

1.1.2 Positive and Normative Statements Flashcards

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Study These Flashcards

WH Economics (Micro) (25 decks)

1.1.1 Economics as a Social Science

1.1.2 Positive and Normative Statements

1.1.3 The Economic Problem

1.1.5 Specialisation and the Division of Labour

1.1.6 Free Market, Mixed and Command Economies

1.2.1 Rational Decision Making

1.2.3 elasticity of demand

1.2.5 elasticity of supply

1.2.6 Price Determination

1.2.7 Price Mechanism

1.2.8 Consumer and Producer Surplus

1.2.9 Indirect Taxes and Subsidies

1.2.10 Alternative Views Of Consumer Behaviour

1.3.1 - Types of Market Failure

1.3.2 - Externalities

1.3.3 - Public Goods

1.3.4 Infomation Gaps

1.4.1 Government Intervention

1.4.2 Government Failure

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