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Wyan go
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Decks in this class (6)
Scarcity choice and opportunity cost
1. understand what is meant by the basic economic problem.
2. *understand why and how choices are made by consumers, producers and the government.*
3. *apply the concept of opportunity cost to a PPC.*
4. *use a PPC to show unemployed resources, using resources fully, obtainable and unobtainable points of production.*
5. describe the possible causes of positive or negative economic growth and use a PPC to show.
13
cards
Economic Assumptions
1. describe the basic assumptions economists make about consumers and producers.
2. explain why consumers often behave irrationally (don't maximise their benefit from consuming goods)
3. identify business objectives other than profit maximisation.
4
cards
Demand
1. define demand
2. *use a demand curve to show the difference between shifts of and movements along the demand curve.*
3. explain the causes of changes in demand (factors that cause the demand curve to shift)
6
cards
Supply
1. define supply.
2. use a supply curve to show the difference between shifts of and movements along the supply curve.
3. describe the causes of changes in supply conditions (factors that cause the supply curve to shift)
5
cards
Market equilibrium
1. use diagrams to show how changes in demand and supply affect equilibrium price and quantity.
2. define, calculate and draw excess demand and excess supply.
3. explain why/how markets remove excess supply and excess demand
4
cards
Price elasticity of demand
What is the definition of ped,
What is the formula of ped,
What would a perfectly inelastic ...
15
cards
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