This class was created by Brainscape user Jay Chamberlain. Visit their profile to learn more about the creator.
By:
Jay Chamberlain
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Decks in this class (21)
1.1 Nature of Economics
Why is economics a social science,
Ceteris paribus,
Positive statement
40
cards
1.2 How markets Work
What is utility,
What does marginal mean,
What does the law of marginal uti...
71
cards
1.3 Market failure
Market failure,
Externality,
Under provision of public goods
37
cards
1.4 Government Intervention
Indirect taxation advantages,
Indirect taxation disadvantages,
Example of indirect tax
28
cards
2.1 measures of economic growth
What is economic growth,
How is economic growth measured,
Gross domestic product
87
cards
2.2 Aggregate Demand
Defintion of ad,
Equation for ad,
Consumption c
65
cards
2.3 Aggregate Supply
Aggregate supply,
Is sras elastic or inelastic,
Long run vs short run
23
cards
2.4 National income
Injections into the circular flow,
Withdrawls from the circular flow,
Income vs wealth
18
cards
2.5 Economic growth
What needs to happen for economic...,
How does land lead to economic gr...,
How does labour lead to economic ...
30
cards
2.6 Macroeconomic objectives and policies
Seven macroeconomic objectives,
How do the government achieve the...,
In a recession what do the govern...
120
cards
3.1 Business Growth
Principal agent problem,
Reasons why some firms remain small,
Reasons why firms stay big
36
cards
3.2 Business Objectives
Who has control over the business,
In order to maximise int he short...,
Neo classical economics profit ma...
17
cards
3.3 Revenues, Costs and Profits
Total revenue,
Average revenue,
Marginal revenue
39
cards
3.4 Market Structures
Efficiency,
Allocative efficency,
Productive efficiency
84
cards
3.5 Labour Markets
What does the demand curve for la...,
What is the demand for labour det...,
Derived demand
30
cards
3.6 Government Intervention
Who are the cma,
What do the cma do,
How do the cma enforce their rulings
64
cards
4.1 International Economics
Globalisation,
Why has globalisation come about,
Why are economies emerging
86
cards
4.2 Poverty and inequality
What is absolute poverty,
Link between economic development...,
The world bank definition
21
cards
4.3 Emerging and Developing Economies
What is economic development,
Developed country,
Developing country
67
cards
4.4 The Financial sector
Financial markets,
Why do financial markets exist,
Role of financial market
15
cards
4.5 The role of the state in the Macroeconomy
Capital government expenditure,
Transfer payments,
Current governemnt expenditure
48
cards
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Economics
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