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Economics - Paper 1

This class was created by Brainscape user Mia-Simone Slinn. Visit their profile to learn more about the creator.

By: Mia-Simone Slinn
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Decks in this class (17)

Economic Activity
Explain needs,
Explain wants,
What is economic activity concern...
9  cards
Factors of Production
What are the four factors of prod...,
What is capital,
What is entrepreneurship
7  cards
Providing goods/services
Define opportunity cost,
Name 2 types of resources,
What is a renewable resource
19  cards
Specialisation
When does specialisation occur,
What happens when firms specialis...,
Name 3 advantages of specialisation
7  cards
Demand
What is the definition of demand,
What does the demand curve show,
What causes movement along the de...
5  cards
Supply
What does the supply curve identify,
When does joint supply occur,
Why would the supply curve shift ...
4  cards
Equilibrium price
When does equilibrium occur,
What does the price mechanisms re...,
Why would price be below equlibrium
7  cards
Intermarket Relationships
What are compliments,
Give 2 examples of a complementar...,
What are substitutes
5  cards
Price Elasticity of Demand
What does ped price elastisity of...,
What is the equation for ped,
What does it mean if demand is el...
8  cards
Price Elasticity of Supply
What does the price elasticity of...,
What is the calculation for pes,
What does inelastic supply refer to
8  cards
Production, Costs, Revenue and profit
What are the 3 objectives a firm ...,
What are fixed costs,
What are variable costs
12  cards
Production and Productivity
What does productivity mean,
What does labour productivity mean,
What is meaning of production
6  cards
Economies of Scales
What is the definition of economi...,
What are internal economies of scale,
What are external economies of scale
12  cards
Competition
What is market structure,
What is a competitive market,
What is a monopoly
8  cards
Monopoly/ Non-Compettative Markets
What is a monopoly,
When does a monopoly occur,
How does a monopoly occur
7  cards
The Labour Market
What is the labour market,
What is gross pay,
What is net pay
7  cards
Market Failure
When does market failure occur,
What are externalities,
What is a private cost
20  cards

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Economics - Paper 1

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