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hannah s
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Decks in this class (65)
Key Terms
Altruism,
The ultimatum game,
Inequity aversion
64
cards
Market Failure
When does market failure occur,
What is complete market failure,
What is partial market failure
13
cards
Solutions To Maket Failure
What are the two strategies that ...,
How can the price mechanism be used,
How can legislation and force be ...
5
cards
Government Failure
When does government failure occur,
What are some possible sources of...,
Governments may
11
cards
Externalities
What is a social cost,
When does market failure occur in...,
In a free market consumers and pr...
5
cards
MF- Negative Externalities
Externalities are,
Property rights,
If an asset is unowned
31
cards
MF- Positive Externalities
Positive externalities occur when,
External benefits may be in the f...,
Positive externalities are associ...
9
cards
MF- Public And Private Goods
Public goods cause market failure...,
A private good or services has th...,
Key characteristic of public goods
16
cards
MF- Merit Goods
What are merit goods,
Who provides merit goods,
Why don t individuals act in thei...
10
cards
MF- Demerit Goods
Information failure,
The government may,
Taxes on demerit goods
9
cards
MF- Information Failures
When does information failure occur,
Examples of information failure,
Key issue of information failure
9
cards
MF- Factor Immobility
What are the two main types of fa...,
When does occupational immobility...,
What capital inputs are occupatio...
8
cards
PPF
A ppf,
Inside the ppf,
Outside the ppf
15
cards
Economic Efficiency
What is efficiency about,
What is allocative efficiency con...,
When is allocative efficiency rea...
18
cards
Government Intervention
What is the main role of the gove...,
Main reasons for policy intervention,
Type of market failure factor imm...
9
cards
Privatisation
What is privatisation,
In the uk,
In eastern europe
4
cards
GI- Indirect Taxes
What are indirect taxes used for,
What is an indirect tax,
What is vat
11
cards
GI- Producer Subsidies
What is a subsidy,
State subsidies are,
A subsidy causes what change on t...
10
cards
GI- Maximum Prices/Price Ceiling
What is a maximum price,
What is one aim of putting in pla...,
To be effective a maximum price h...
14
cards
GI- Minimum Price/Price Floor
To be effective where does a mini...,
China s minimum price,
Uk national minimum wage
7
cards
Profit
What is normal profit,
Normal profits reflect,
What is sub normal profit
7
cards
Competition Policy
What are the main aims of competi...,
What does competition policy aim ...,
What are the four key pillars of ...
13
cards
GI- State Provision
What is state provision,
What are public services,
How does the state provide public...
9
cards
GI- Regulations And Standards
What are non market based policies,
List the main types of non market...,
How do non market based polices work
13
cards
GI- Extention Of Property Rights
Market failure,
Advantages of extending property ...,
Disadvantages of extending proper...
3
cards
GI- Pollution Permits
What are pollution permits,
What do pollution permits create,
Why is it difficult to implement ...
3
cards
For And Against Privitisation
What is privatisation,
Potential benefits for privatisation,
Disadvantages of privatisation
3
cards
For And Against Regulation
What is regulation,
What do regulators ensure
2
cards
Regulatory Capture
What is regulatory capture,
Who
2
cards
For And Against Deregulation
What is deregulation,
The aim of deregulation,
Benefits of deregulation
3
cards
For And Against Public Ownership
What is public ownership,
Advantages of public ownership,
Disadvantages of private ownership
3
cards
Oilgopoly
What is an oilogopoly,
Example of oligopoly,
What is the concentration ratio o...
15
cards
Circular Flow Of Income
What is the circular flow,
What can be calculated from the c...,
What are injections into the circ...
12
cards
National Income Data
What does national income measure,
Nominal income,
Real gdp
5
cards
AD/AS Analysis
Characteristics of aggregate demand,
How much gdp is capital investment,
Trade surplus
18
cards
Investment
What is investment,
In market economies what is most ...,
A broader definition of training ...
16
cards
Macroeconomic Equilibrium
When is a macro economic equilibr...,
If the price is too high,
If the price is below equilibrium
9
cards
Multiplier Effect
What is the multiplier process,
Why does the multiplier effect co...,
Positive multiplier
11
cards
Economic Growth
What is economic growth,
What is short term growth,
What is long term growth
24
cards
China's Economic Growth
Real gdp growth,
Government set growth rate,
What has much of the growth in ch...
5
cards
Policies To Stimulate Growth
Fiscal discipline,
Reallocating state spending,
Tax reforms
10
cards
Globalisation
Characteristics of globalisation,
Causes of globalisation,
Advantages of globalisation
8
cards
Trade
What is international trade,
Static gains,
Dynamic gains
15
cards
Resources
Resource depreciation,
Resource depletion,
What can the ppf be used to illus...
7
cards
Specialisation
What is specialisation,
What are the possible gains from ...,
What is the division of labour
10
cards
Production Possibility Diagrams
How can countries consume beyond ...,
Define the ppf,
Producing more of both goods woul...
12
cards
Competition And Monopoly In Markets
Characteristics of competitive ma...,
What is a pure monopoly,
Working monopoly
19
cards
The Balance Of Payments
What is the balance of payments,
What is the current account,
Summarise the trade balance in goods
3
cards
Economic Systems
Free market economy,
Planned or command economy,
Mixed economy
8
cards
Extra
Social factors influencing demand,
Emotional factors influencing demand,
Why does the supply curve slope u...
6
cards
PED
Ped 0,
Ped 0 1,
Ped 1
5
cards
PES
Elastic supply,
Inelastic supply,
Pes 1
7
cards
YED
How can income be expressed in a ...,
What is gross income,
What is disposable income
14
cards
XED
When is the xed for two substitut...,
Complement goods,
Xed of unrelated products
5
cards
Price Mechanism
Adam smith,
What are the three functions of p...,
Rationing function of price
9
cards
Price Volatility In Markets
Which markets tend to be volatile,
Products with unstable conditions...,
What are the main causes of price...
4
cards
Inter-Relationships Between Markets
Examples of composite demand,
What is joint supply,
Examples of joint supply
4
cards
Consumer And Producer Surplus
What is consumer surplus,
What does consumer surplus measure,
Where on a diagram is consumer su...
11
cards
Markets In Action: UK Housing Market
What does the price of houses dep...,
Too much demand for houses,
Too little demand for houses
13
cards
Markets In Action: Labour Market
Relationship between demand for l...,
When does the demand curve for la...,
When would the labour demand curv...
11
cards
Markets In Action: Economics Of Healthcare
How else can the nhs be funded,
What is an ongoing problem with h...,
What might cause market failure i...
14
cards
Production And Costs
What is production,
What is short run production,
What is long run production
8
cards
Economies And Diseconomies Of Scale
What are economies of scale,
What is the effect of economies o...,
Technical economies of scale
15
cards
Buffer Stock Schemes
Prices of that products fluctuate...,
What do buffer stock schemes aim ...,
How do buffer stocks schemes seek...
14
cards
Behavioural Economics
Challenging rational and fully in...,
Why do people have bounded ration...,
What are heuristics
16
cards
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Economics REVISION 1 (Micro)
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