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ECO - Theme - 1
> 1.2.1 Rational decision making > Flashcards
1.2.1 Rational decision making Flashcards
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ECO - Theme - 1
(26 decks)
1.1.1 Economics as a social science
1.1.2 Positive and Normative statements
1.1.3 The economic problem
1.1.4 PPF
1.1.5 Specialisation and division of labour
1.1.6 Free market economics, mixed economy and command economy
1.2.1 Rational decision making
Demand
Shifting the demand curve
Factors influencing the PED
Price elasticity of demand - PED
Income elasticity of demand - YED
Cross elasticity of demand - XED
1.2.4 Supply
1.2.5 Elasticity of supply
1.2.6 Price determination
1.2.7 Price mechanism
1.2.7 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 Information gaps
1.4.1 Government intervention
1.4.2 Government failure
