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Decks in this class (15)
1.2.1 - Rational Decision Making
State the underlying assumptions ...,
State the problem and solution in...,
What is a deductive approach
12
cards
1.2.2 - Demand
Define demand,
What does a demand curve show,
What is a movement along a demand...
12
cards
1.2.4 Supply
Define supply,
What causes movements along the s...,
What causes shifts of the suply c...
7
cards
PED
Define derived demand,
Effective demand,
Joint demand
23
cards
PES
Define price elasticity of supply,
Define price elastic,
Define price inelastic
15
cards
Income Elasticity of demand
Define income elasticity of demand,
Formula for yed,
Define inferior good
17
cards
price mechanism
State three functions of the pric...,
Define price mechanism,
Gfutkvg
7
cards
1.3.1 - Types of market failure
Define market failure,
State three types of market failure,
Describe externalities
7
cards
1.3.2 - Externalities
Define external cost,
Define external benefit,
Define private cost
12
cards
1.3.3 - Public goods
Define merit goods,
Define non rival,
Define non excludable
16
cards
1.3.4 - Information gaps
Define perfect information,
Define symetric information,
Define imperfect information
14
cards
1.4.1
Define maximum price,
Define minimum price,
What are maximum and minimum pric...
17
cards
1.4.1b
Define limit,
How do pollution permits work,
How are pollution permits traded
20
cards
1.4.2
What is government failure,
Define government failure,
State 4 potential causes of gover...
12
cards
1.4.1b2
How does regulation aim to correc...,
Cons of regulation,
What is a guaranteed minimum pric...
11
cards
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Econ Theme 1
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