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Decks in this class (11)
Unit 1.A - the economic problem and its applications
- What is economics?
- What is the economic problem?
- What are wants?
- What is an opportunity cost?
- Production possibility frontiers (PPF)
- Cost benefit analysis (CBA)
- What do individuals, businesses, governments want to maximise?
16
cards
Unit 1.B - Economic Systems
- Factors of production
- Returns on the factors of production
- Defining economic systems: the four basic questions
- Extreme planned vs free-market economic systems
- Mixed-market economic system
- Intro to circular flow of income model
- intro to the business cycle
19
cards
Unit 1.C - Microeconomics: Markets
- Law of demand and law of supply
- Non-price factors of demand and supply
- Movements of demand and supply:
--> Increase, decrease, expansion, contraction
- Dis/Equilibrium (oversupply + undersupply)
- Market clearing
- Perfect competition
- Value vs cost vs price
- The price mechanism
- Price elasticity of demand
- Product vs factor markets
- How markets solve the economic problem
- Impacts of government interventions
16
cards
Unit 1.D - Market Failure + Govt. Intervention in the Market
What is market failure,
What are the four types of market...,
What qualifies a public good
50
cards
Unit 2.A - Introduction to Key Concepts
- Total spending, total output, total input as part of the circular flow of income model
- The business cycle
- Aggregate Demand
- Aggregate Supply
- Macroeconomic equilibrium
17
cards
Unit 2.B - Role of Govt
What are the three roles of govt ...,
Which issues does the regulation ...,
How is the regulation of business...
7
cards
Unit 2.C - Major Economic Issues
- Economic growth
+ GDP
+ Recent data
+ Economic growth
+ Determinants of economic growth
+ Costs and benefits of economic growth
+ The multiplier effect
- Labour and unemployment
+ Related terminology
+ Recent data
+ Types of unemployment
+ Changing trends in unemployment
+ Impacts of unemployment
- Inflation
+ CPI
+ Recent data
+ Costs of high and low inflation
+ Benefits of inflation
+ Types of inflation
59
cards
Unit 2.D - Major Economic Tools/Solutions
see sticky note this won't save
41
cards
Unit 3.A - Globalisation
What is globalisation,
What are some examples of increas...,
What are some of the factors faci...
5
cards
Unit 3.B - Intro to trade
What is free trade,
What is protectionism,
What is trade
21
cards
Unit 3.C - Exchange rates and BoP
What are exchange rates,
What is the relationship between ...,
Can we determine the value of a c...
42
cards
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Economics
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