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Economics
> Terms of Trade > Flashcards
Terms of Trade Flashcards
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Economics
(71 decks)
Production vs Productivity
Factors of Production
Economic Systems
Division of labour
Section 3 Obj 1&2
Obj 3.3
Obj 3.8
Obj 3.7
Obj 3.9-3.12
Analysis of PED 2
Analysis of the PED
Factors affecting PED
USES OF PED
Income elasticity of demand (YED)
FACTORS AFFECTING THE YED
Uses of the YED
Cross elasticity of demand
Uses of XED
Demand/Supply in the market
Changes in Equilibrium Price and Quantity
Increase/Decrease in demand (3rd law)
Increase/Decrease in Supply (4th law of demand and supply)
Decrease/increase in demand decrease/increase in supply
Increase/decrease in demand Increase/Decrease in supply
Market Disequilibrium
Government interference with equilibrium prices
Price ceiling (excess in demand, shortage in supply)
Price floor (shortage in demand, excess in supply)
Section 2- Obj 2.3- Main sectors in an economy
Section 2 Obj- 2.1 Production & productivity
Short run/long run
Section 4 Revenue And Profits
Productive And Allocative Efficiency
Objective Of Firms
Market Structure
Perfect competition
Short run and long run eq. in P.C
Abnormal profits, Losses, normal profits in short run
Long run in the pc
Monopolistic comp
ABNORMAL PROFITS MADE BY MONOPOLISTIC FIRM IN THE SHORT RUN ( AR> AC)
Oligopoly
Monopoly
SECTION 5-Money
Features/functions of money + Money supply
functions of money
the money supply
Demand and supply of money
Financial sector
Functions of the financial sector
Financial instruments
monetary policy
Tools of monetary policy
Government sectors
Sources of Govt revenue
Tax structures
National Budget
Govt borrowing
Fiscal Policy
Distinction between National Income (GDP) vs Disposable Income
GDP
GDP definitions
Income method
Output method/value added approach
RELATIONSHIP BETWEEN ECONOMIC GROWTH AND TAXATION
Gross National Product
Net national product
GDP formulas
GDP deflator
Outputs
Terms of Trade
