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Economics Theme 1

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

By: Achi Prashanth
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Decks in this class (16)

LS1 - The Economics Problem & LS2 - Models in Economics
Scarcity 1,
What are the factors of productio...,
Working capital 3
11  cards
LS3 - Opportunity Cost and PPF
Production possibility frontier 1,
Opportunity cost 2,
Economic growth 3
9  cards
LS4 - Positive and Normative Economics
Positive economic statements 1,
Normative economic statements 2
2  cards
LS5 - Specialisation
Specialisation 1,
Division of labour 2,
Advantages of division of labour 3
7  cards
LS6 - Types of Economy
Command economy 1,
Mixed economy 2,
Free market economy 3
7  cards
LS7 - Decision Making in Economics
Deduction 1,
Induction 2,
Rational decision 3
8  cards
LS8 - Demand
Demand 1,
Law of demand 2,
Change in price 3
6  cards
LS9 - Supply
Supply 1,
Revenue 2,
Law of supply 3
4  cards
LS10 - Price Determination
Excess demand 1,
Excess supply 2,
Market 3
3  cards
LS11 - Taxes and Subsidies
Direct tax 1,
Indirect tax 2,
Specific tax 3
5  cards
LS12 - Elasticity
Ped 1,
Determinants of ped 2,
Pes 3
4  cards
LS13 - Consumer and Producer Surplus & LS14 - DMU
Consumer surplus 1,
Producer surplus 2,
Surplus and tax burden and subsid...
6  cards
LS15 - XED and YED
Xed 1,
Yed 2
2  cards
LS17/18/19 - Market Failure
What is market failure 1,
Types of market failure 2,
Externalities 3
9  cards
LS20/21 - Government Regulation
Maximum price 1,
Advantages of max pricing 2,
Disadvantages of max pricing 3
12  cards
LS23 - Government Failure
Government failure 1,
Consequences of govt failure 2,
Distortion of price signals 3
6  cards

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Economics Theme 1

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