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Theme 1 - Introduction to Markets and Market Failure > 1.2.7 - Price Mechanism > Flashcards

1.2.7 - Price Mechanism Flashcards

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Theme 1 - Introduction to Markets and Market Failure (22 decks)

1.1.2 - Positive and Normative Economic Statements

1.1.3 - The Economic Problem

1.1.4 - Production Possibility Frontiers (PPF)

1.1.5 - Specialisation and the Division of Labour

1.1.6 - Free market economies, mixed economy and command economy

1.2.1 - Rational Decision Making

1.2.3 - Price, income and cross elasticities 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 on 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 in markets

1.4.2 - Government failure

Theme 1 Definitions

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