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Edexcel Economics (A) A-level Theme 1 – Introduction to Markets and Market Failure > Key Definitions > Flashcards

Key Definitions Flashcards

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Edexcel Economics (A) A-level Theme 1 – Introduction to Markets and Market Failure (18 decks)

Key Definitions

1.1.1 Economic as a social science

1.1.2 Positive and normative economic statements

1.1.3 The 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

1.2.3 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 of consumer behaviour

1.3.1 Types of market failure

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