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Economics Theme 1 > 1.2.7 Price Mechanism > Flashcards

1.2.7 Price Mechanism Flashcards

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1

Q

3 functions of the price mechanism?

A

Rationing device
Incentive device
Signalling device

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Economics Theme 1 (22 decks)

1.1.1 Economics as a Social Science

1.1.2 Positive and Normative Statements

1.1.3 The Basic Economic Problem

1.1.4 Production Possibility Frontier

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

1.2.10 Alternative Views of Consumer Behaviour

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

1.3.2 Externalities

1.3.1 Types of Market Failure

1.3.3 Public Goods

1.3.4 Information Gaps

1.4.1 Government Intervention in Markets

1.4.2 Government Failure

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