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Economics - Both Years

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

By: Chris Man
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Decks in this class (13)

(1) Chapter 1 - The Economic Problem
What is the basic economic problem,
What is a need,
What is a want
16  cards
Individual Economic Decision Making
Define bounded rationality,
Define bounded self control,
Define rule of thumb
13  cards
(1) Chapter 2 - Price Determination in a Competitive Market
What is a competitive market,
What is equilibrium price,
What is supply
44  cards
(1) Chapter 3 - Production, costs and Revenue
Define production,
Define short run production,
Define long run production
19  cards
(1) Chapter 4 - Competitive and Concentrated Markets
Define market structure,
Define a price taker,
Define a price maker
27  cards
(1) Chapter 5 - The Market Mechanism, Market Failure and Government Intervention in Market
What are the 4 functions of price,
Define signalling function of prices,
Define incentive function of prices
31  cards
(1) Chapter 6 - The measurement of macroeconomy performance
What is macroeconomics,
What is a policy objective,
What are the main policy objectives
34  cards
(1) Chapter 7 - How the macroeconomy works
Define wealth,
What is national wealth,
Define national income
28  cards
(1) Chapter 8 - Economic Performance
Define economic performance,
What is economic recovery,
Define demand side
25  cards
(1) Chapter 9 - Macroeconomic Policy
What is a policy instrument,
What is the bank of england,
What is inflation rate target and...
39  cards
(2) Chapter 3 - Perfect Competition, Imperfectly Competitive Markets and Monopoly
What are artificial barriers,
What is product differentiation,
What is the profit maximisation rule
18  cards
(2) Chapter 4 - The Labour Market
What determines a firms demand fo...,
What are determinants of labour d...,
What 4 factors determine the elas...
3  cards
Poverty And Inequality
Define income,
Define wealth,
What are the factors leading to u...
6  cards

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Economics - Both Years

  • Class purpose General learning

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