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Economics Theme 1

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

By: Mitchell Downes
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Decks in this class (15)

Factors of Production
What are the four factors of prod...,
What is capital
2  cards
PPC/PPF
What is the production possibilit...,
Https uploadwikimediaorg wikipedi...,
What is opportunity cost
4  cards
Consumer/Producer Surplus
What is consumer surplus,
What is producer surplus,
Is consumer surplus on the top or...
4  cards
Law of Diminishing Marginal Utility
What is the law of diminishing ma...
1  cards
The Price Mechanism
The rationing function,
The signalling function,
The incentive function
3  cards
Specialisation and Division of Labour
Specialisation,
Division of labour,
3 sectors of the economy
7  cards
Rational Decision Making
What is assumed about rational de...,
When may consumers act irrationally
2  cards
Income and Cross Elasticities.
If xed is positive what type of g...,
If xed is negative what type of g...,
If yed is positive what type of g...
4  cards
Indirect Taxes and Subsidies
Ad valorem tax,
Specific unit tax,
Subsidy
4  cards
Types of Market Failure
Market failure,
Complete market failure,
Partial market failure
4  cards
Externalities
Negative externalities of production,
Positive externalities of production,
Negative externalities of consump...
8  cards
Public Goods
Public goods,
Characteristics of a public good ...,
Examples of public goods
6  cards
Information Gaps
Symmetric information,
Asymmetric information,
Imperfect information
5  cards
Government Intervention in Markets
Why would a government intervene ...,
How would imposing indirect taxes...,
How can imposing subsidies solve ...
9  cards
Government Failure
Government failure,
Examples of government failure
2  cards

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Economics Theme 1

  • Class purpose General learning

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