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Economics - Theme 1

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

By: Jamie Perritt
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Decks in this class (20)

Ceteris Paribus
Ceteris paribus,
Classical economics assumptions h...
2  cards
Positive & Normative Statements
Positive statements,
Normative statements
2  cards
The Economic Problem
The economic problem,
Opportunity cost,
Free goods
4  cards
Production Possibiilty Frontiers (PPF)
Ppf diagram3
1  cards
Specialisation & Division of Labour
Division of labour3,
Division of labour advantages,
Division of labour disadvantages
3  cards
Money
Double coincidence of wants,
Uses of money4
2  cards
Free Market Economy, Mixed Economy & Command Economy
Free market economy,
Free market pros cons2 3,
Command economies
5  cards
Demand & Supply 1.2
Demand def,
Acronym for shifts in demand,
Utility
4  cards
Price, Income & Cross Elasticities of Demand 1.2
Ped4,
Cross elasticity of demand xed,
Factors affecting ped3
8  cards
Elasticity of Supply
Pes,
Factors determining pes4
2  cards
Price Determination
Equilibrium price3,
Supply demand equilibrium diagram u,
Why markets dont always clear
3  cards
Price Mechanism
Price mechanism,
Rationing,
Signalling
4  cards
Consumer & Producer Surplus
Consumer utility,
Consumer utility diagram u,
Consumer surplus vs producer surp...
6  cards
Indirect Taxes & Subsidies
Indirect taxes,
Ad valorum taxes,
Types of indirect tax
10  cards
Types of Market Failure
Market failure,
How does an inefficient allocatio...,
Externalities
6  cards
Externalities
Externality def,
Private costs def,
Negative externalities
6  cards
Public Goods
Solution to the free rider problem,
Quasi public goods,
Public good def
3  cards
Information Gaps
Perfect information,
Asymetric information2,
Information gaps diagram u
5  cards
Gov. Intervention in Markets
6 ways of correcting market failure,
Indirect taxes dealing w market f...,
Subsidies dealing w market failur...
10  cards
Government Failure
Gov failure definition,
3 reasons for government failure,
Price signal distortion
5  cards

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Economics - Theme 1

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