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User 123
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Decks in this class (22)
1.1.1 Economics As A Social Science 👩🔬✅
What is a model,
Define economics,
What are the aims for economics
9
cards
1.1.2 Positive And Normative Statements ✅
What is a positive economic state...,
What is a normative statement,
What type of statement is this th...
6
cards
1.1.3 The Economic Problem ✅
What is the fundamental economic ...,
Define scarcity,
What is the distinction between r...
7
cards
1.1.4 Production Possibility Frontiers ✅
What is the ppf,
What is a capitol good,
What is a consumer good
19
cards
1.1.5 Specialisation And The Division Of Labour ✅
Who was adam smith and what did h...,
What is division of labour,
Where did adam smith come up with...
10
cards
1.1.6 Types Of Economics (mixed, Free, Command, Role Of State, Smith, Hayek, Marx)✅
Explain a free market economy,
Explain a command economy,
In a free market how are economic...
16
cards
1.2.1 Rational Decision Making ✅
What does classical economics bel...,
What does rational mean,
What is net benefit
6
cards
1.2.2 Demand 📉✅
What are the factors that determi...,
What type of relationship is pric...,
Define effective demand
16
cards
1.2.3 Price, Income And Cross Elasticities Of Demand ✅
What is the law of demand,
What is ped,
Give the ped calculation
30
cards
1.2.4 Supply ✅
What is supply,
What does the supply line show wh...,
What will cause an contraction or...
5
cards
1.2.5 Elasticity Of Supply ✅
What is the law of supply,
What is pes,
How do you measure pes
9
cards
1.2.6 Price Determination ✅
What two forces guide the price q...,
What is the equilibrium point als...,
Draw an excess demand diagram
6
cards
1.2.7 Price Mechanism ✅
What is price mechanism,
What is rationing,
Name all three functions in alloc...
7
cards
1.2.8 Consumer And Producer Surplus ✅
What is the definition of a consu...,
What is the def,
Where on a supply and demand diag...
5
cards
1.2.9 Indirect Taxs And Subsidies
What is indirect tax examples,
What are the two types of tax,
Subsidy definition
7
cards
1.2.10 Alternative Views Of Consumer Behavior ✅
What are the alternative views to...,
How do firms exploit influence of...
2
cards
1.3.1 Types Of Market Failure ✅
What is market failure,
What are the three types of marke...,
What is partial market failure
3
cards
1.3.2 Externalties ✅
What are externalities,
What is a private cost,
What is an external cost
18
cards
1.3.3 Public Goods ✅
What are the factors of a public ...,
Give example of public goods,
Where can public goods not be pro...
7
cards
1.3.4 Information Gaps ✅
In order for the market to effect...,
What is symmetric information,
What is asymmetric information
13
cards
1.4.1 Government Intervention In Markets ✅
What are the reasons for gov inte...,
What are methods of gov intervent...,
What are other gov interventions
11
cards
1.4.2 Government Failure ✅
What is government failure,
What are the different causes of ...,
What is a disortion of price signals
9
cards
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Ec0nomics Theme 1
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