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Mahsa Mirzadeh
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Decks in this class (12)
4.1.1 Economic methodology and the economic problem
What are positive statements,
What are negative statements,
What is the central purpose of ec...
16
cards
4.1.2 Individual economic decision making
Define bounded rationality,
What is marginal utility,
What is the law of diminishing ut...
29
cards
4.1.3 Price determination in a competitive market
Demand,
Law of demand,
The substitution effect
44
cards
4.1.4 Production, costs and revenue
How to calculate average costs,
Average cost calculation,
Fixed costs definition
26
cards
4.1.5 Perfect competition, imperfectly competitive markets and monopoly
Define normal profit,
Define abnormal profit,
What is the point of productive e...
81
cards
4.1.6 The labour market
What type of demand is labour,
What is meant by labour being der...,
What is the marginal productivity...
58
cards
4.1.7 The distribution of income and wealth: poverty and inequality
Give 4 different types of policie...,
Explain how lowering taxes could ...,
Analyse how doing nothing could a...
28
cards
4.1.8 The market mechanism, market failure and govt. intervention in markets
What is a public good,
What is meant by a public good ex...,
What is meant by non rejectability
13
cards
National and International Economy
What are the three injections,
What are the three withdrawals,
Define marginal propensity to con...
41
cards
4.2.4 Financial markets and monetary policy
What are the 6 characteristics of...,
What is the way of remembering th...,
What are the 4 key functions of m...
76
cards
4.2.5 Fiscal policy and supply-side policies
Define fiscal policy,
What is a budget deficit,
What is a budget surplus
41
cards
4.2.6 The international economy
Define comparative advantage,
Define absolute advantage,
What is meant by free trade
80
cards
More about
Econ
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