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Unimegs 1234
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Decks in this class (25)
Finite resources and unlimited wanted(Chapter 1)
Economic problem,
Finite resources,
Definition of wants and needs
4
cards
Factors of Production and their Rewards(Chapter 2)
Fop,
Factor rewards,
Using resources in production inp...
4
cards
Economic and Free Goods(Chapter 3)
Free goods definition,
Economic goods,
Exchange
11
cards
Opportunity cost(Chapter 4)
Definition of opportunity cost,
Oppurtunity cost formula,
Example it takes you half an hour...
3
cards
PPC and Movement/Shifts of a PPC (Chapter 5)
Ppc definition,
What is an economy,
The efficient reallocation of res...
6
cards
The role of markets in allocating resources(Chapter 6)
Definition of the resource alloca...,
The three main economic questions...,
Different types of economic syste...
7
cards
Demand(Chapter 7)
What is demand,
Individual and market demand,
Movements along a demand curve
5
cards
Supply(Chapter 8)
Definition of supply,
Movements along supply curve,
Market supply
5
cards
Price determination/Price changes(Chapter 9/chapter 10))
Market equilibrium,
Market disequilibrium,
A shift in the market demand curv...
4
cards
PED(Chapter 11)
What is price elasticity of demand,
How do you calculate ped,
What affects the price sensitivit...
5
cards
PES(Chapter 12)
What is pes,
How to measure pes,
What affects pes
4
cards
Market economic system(Chapter 13)
Definition,
Advantages of a market economic s...,
Disadvantages
4
cards
Market failure(Chapter 14)
What is market failure,
Consequences of market failure,
Positive and negative externalities
5
cards
Mixed economic system(Chapter 15)
Definition of a mixed economic sy...,
What does the government do in th...,
How can government correct market...
12
cards
Division of Labour and specialization(chapter 15.5)
The division of labor in producti...,
Advantages of division of labour,
Disadvantages of division of labour
6
cards
Firms(Chapter 16)
What is a firm,
Industrial sectors,
Private sector firms
18
cards
Firms, production, Firm's costs, revenue, and objectives(Chapter 17/18)
How production adds value to reso...,
Specialization in production by f...,
What is factor productivity
19
cards
Market structure(Chapter 19)
What is market structure,
Perfect competition,
Monopoly
11
cards
Macroeconomic aims of the government
What is the total expenditure in ...,
What are the 4 main economic obje...,
What is the use of demand side po...
4
cards
Fiscal Policy
What is the government budget,
What are the sources of governmen...,
What is public sector borrowing
16
cards
Monetary Policy
What is monetary polci,
Expansionary monetary policy,
Contractionary monetary policy
3
cards
Supply-Side Policy
Supply side policy,
Instruments monetary policy use s...,
Selective subsides
9
cards
Economic Growth
Measurement of economic growth,
Measuring economic activty,
Gross domestic product gdp
10
cards
Employment and Unemployment
Measure of unemployment,
Consequences of unemployment,
The fiscal cost of unemployment
5
cards
Inflation and Deflation
Definition of inflation,
Measurement of inflation,
Calculation of cpi
10
cards
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ECONOMICS
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