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Ben Hughes
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Decks in this class (21)
Economic Activity
What is the difference between ne...,
What is the purpose of economic a...,
What are the 3 economic groups 3
4
cards
Factors of production
What are the factors of productio...,
What is capital 2,
What is enterprise 3
9
cards
Making choices
What is the basic economic problem 1,
What is opportunity cost 2
2
cards
Markets and allocation of resources
What is a market 1,
How does markets play a role in t...,
What is a factor market 3
3
cards
Economic sectors
What are the 3 economic sectors 1,
What is in the primary sector 2,
What is the secondary sector 3
5
cards
Specialisation, Division of labour and Exchange
What is specialisation 1,
What is division of labour 2,
What are the benefits of division...
7
cards
Demand for goods and services
What is demand 1,
What causes movements along a dem...,
What causes a shift in the demand...
3
cards
Supply of goods and services
What is supply 1,
What causes a movement along the ...,
What causes shifts in a supply cu...
3
cards
Equilibrium price
What is equilibrium price 1,
How does excess demand affect pri...,
How does excess supply affect pri...
4
cards
Intermarket relationships
What is a compliment good 1,
What is a substitute good 2,
How does price affect the demand ...
4
cards
Price elasticity of demand
What is price elasticity of demand 1,
What is the equation for price el...,
What are price inelastic goods 3
5
cards
Price elasticity of supply
What is price elasticity of supply 1,
What is the equation for price el...,
What are the factors that affect ...
5
cards
Importance of cost, revenue and profit
What are the 5 main business obje...,
What are the different types of c...,
What are the different types of r...
4
cards
Production and productivity
What is the difference between pr...,
What are the benefits of increase...,
What factors influence productivi...
3
cards
Economies and diseconomies of scale
What is economies of scale 1,
What are the different types of e...,
What is the risk bearing economy ...
10
cards
Importance of market structure on producers and consumers
What are the different market str...,
What are the characteristics of a...,
What are the characteristics of a...
6
cards
Competitive markets
What is a competitive market 1,
How do producers operate in a com...,
What is the impact of competition...
4
cards
Non-competitive markets
What is a non competitive market 1,
How do producers operate in a non...,
What is a monopoly 3
6
cards
The labour market
How does labour supply determine ...,
Who is the supplier in the labour...,
Who are the demand in labour mark...
10
cards
Misallocation of resources
What is market failure 1,
What causes the misallocation of ...,
What are the costs of market fail...
4
cards
Externalities
What are externalities 1,
What are private external and soc...,
What are private external and soc...
9
cards
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Economics
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