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Econ Theme 1: Introduction to Markets and Market Failure

This class was created by Brainscape user Yusuf Hamid. Visit their profile to learn more about the creator.

By: Yusuf Hamid
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Decks in this class (9)

LS1 Economics, Economy, Goods, Services
What is the economy,
What is the difference between a ...,
What are the factors of production
15  cards
LS2 Models In Economics
How do economists explain how the...,
How easy is it for economists to ...,
How do economists overcome the is...
4  cards
LS3 - Opportunity Cost
What is opportunity cost,
What are the 3 uses of opportunit...,
What is dynamic pricing
17  cards
LS4 - Positive and Normative Statements
What are positive economic statem...,
What is a normative economic stat...,
What do governments do when decis...
3  cards
LS5 - Specialisation
What is specialisation,
Why does specialisation allow ind...,
What is the uk specialised in
16  cards
LS6 - Economic Systems
What is planning according to eco...,
What is a market,
What is the price mechanism
26  cards
LS7 The Role Of The State In An Economy
What is the state made up of,
What is the government,
What is the difference between a ...
12  cards
LS8 - Demand
What is demand,
Why is the public sector more eff...,
Why do consumers fail to make rat...
8  cards
LS9 - Supply
What is revenue what is the equat...,
What is supply,
What does the law of supply state
4  cards

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Econ Theme 1: Introduction to Markets and Market Failure

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