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Economics Theme 1 > 1.2.3 Income Elasticity of Demand (YED) > Flashcards

1.2.3 Income Elasticity of Demand (YED) Flashcards

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Economics Theme 1 (24 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 Production Possibility Frontiers

1.1.5. Specialization and the devision of labour

1.1.6 Free market economies, Mixed economy and Command economy

1.2.1 Rational decision making

1.2.3 Price Elasticity of Demand (PED)

1.2.3 Cross Elasticity of Demand (XED)

1.2.3 Income Elasticity of Demand (YED)

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 behavior

1.3.1 Types of market failures

1.3.2 Externalities

1.3.3 Public Goods

1.3.4 Information Gaps

1.4.1 Government Interventions in markets

1.4.2 Government Failure

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