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economics year 12
> Micro economics > Flashcards
Micro economics Flashcards
Study These Flashcards
Study These Flashcards
economics year 12
(18 decks)
Micro economics
3.1.1 relative scarcity, PPF, 3 basic eco questions
3.1.2 relative prices, perfect competition and types of efficiency
3.1.3 conditions of a perfectly competitive market
3.1.4-3.1.6 the law of demand
3.1.7-3.1.9 the law of supply
3.1.10 the effect of change in supply and demand on equilibrium prices and quantity traded
3.1.11 the meaning and significance of price elasticity of demand and supply
3.1.12 factors affecting price elasticity of demand
3.1.13 the role of relative prices in the allocation of resources
3.1.14 the role of free and competitive markets in promoting an efficient allocation of resources and improves living standards
3.1.15 types of market failure
3.1.16 the role and effect of indirect taxation, subsidies, regulations, advertising and direct provision as forms of government intervention in the market address market failure
3.1.17 one example of a government intervention in markets that unintentionally leads to a decrease in one of allocative, productive, dynamic or inter temporal efficiency
