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Joseph Boott
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Decks in this class (22)
2.1 - Demand Theory
Define demand,
State the law of demand,
State the real income effect
16
cards
2.2 - Supply Theory
Define supply,
State the law of supply,
List the non price determinants o...
12
cards
2.3 - Competitive Market Equilibrium
Define equilibrium,
Define disequilibrium,
Define the rationing function of ...
13
cards
2.5.1 - Price elasticity of demand
Definition of ped,
State the ped formula,
Is ped always negative or positive
17
cards
2.5.2 - Income Elasticity of Demand
Define yed,
State the yed equation,
Yed in normal goods
6
cards
2.6 - Price elasticity of supply
Define pes,
State the pes formula,
Is pes normally positive or negative
10
cards
2.7.1 Indirect Tax
Define indirect tax,
Two types of indirect tax,
Reasons for taxation
11
cards
2.7.2 - Subsidies
Define subsidies,
Draw and label a subsidy diagram,
Impact on consumers
6
cards
2.7.3 - Governments in Markets - Maximum Prices
Why are maximum prices put in place,
Define maximum price,
List the 8 impacts of maximum pri...
11
cards
2.7.4 - Governments in markets - minimum prices
State the definition of minimum p...,
Why are minimum prices used,
State the impacts of minimum pric...
10
cards
2.8.1 - Market Failure - Externalities
Define market failure,
Define externalities,
Define negative externalities or ...
20
cards
2.8.2 - Merit and Demerit Goods
Why are merit goods a market failure,
Define merit goods,
Define demerit goods
4
cards
2.8.3 - External cost policies
List the 4 external cost policies,
Pros and cons of taxation,
Pros and cons of regulation
5
cards
2.8.4 - External Benefit Policies
List the 4 policies to manage ext...,
Pros and cons of subsidies,
Pros and cons of state provision
5
cards
2.8.5 - Common pool resources
Define common pool resources,
Property rights,
List the 4 market failures associ...
12
cards
2.9 - Public Goods
Define public goods,
List the 3 market failures associ...,
Elaborate on free rider problem
8
cards
3.1.1 - Measuring the Level of Economic Activity
Define national income,
Define economic activity,
Define macroeconomics
20
cards
3.1.2 - Measuring Economic Development
Define economic development,
List the three characteristics of...,
Define purchase power parity ppp
9
cards
3.2.1 - Variations in Economic Activity - Aggregate Demand
Define aggregate demand,
List the components of aggregate ...,
Draw and aggregate demand curve s...
10
cards
3.4.2 - Policies to improve equality, equity and poverty
Define direct tax,
Define indirect tax,
How does tax reduce inequality an...
17
cards
3.5 - Government Management of the Economy - Monetary Policy
Define monetary policy,
What are the four methods for the,
What are the four aims of monetar...
21
cards
3.6 - Government Management of the Economy - Fiscal Policy
Define fiscal policy,
2
cards
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DP Economics SL
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