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Economics Theme 1

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

By: Ines Pereira
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Decks in this class (12)

1.1.1 economics as a social science
Social science def,
Why are economic models hard to test,
Ceteris paribus def
3  cards
1.1.2 positive and normative statements
Positive statement def,
Normative statement def
2  cards
1.1.3 the economic problem
What is the economic problem,
Opportunity cost def,
Renewable resource def
5  cards
1.1.4 production possibility frontiers
What does the ppf curve show,
What does a movement along the cu...,
What does a shift of the curve in...
5  cards
1.1.5 specialisation and division of labour
Specialisation def,
Division of labour def,
What did adam smith believe
8  cards
1.1.6 free market economics, mixed economy and command economy
Free market economy def,
Which economist believe in free m...,
Free market economies adv
10  cards
1.2.1 rational decision making
What do consumers aim to maximise,
What do firms aim to maximise,
What do governments aim to maximise
3  cards
1.2.2 demand
Demand def,
Quantity demanded def,
What causes a movement along the ...
7  cards
1.2.3 price, income and cross elasticities of demand
What does yed show,
Yed formula,
What does a negative value show
16  cards
1.3.1 types of market failure
Definition of market failure,
What are the 3 types of market fa...,
Why do information gaps cause mar...
7  cards
1.3.2 externalities
Definition of an externality,
Definition of a positive externality,
Definition of a negative externality
5  cards
1.3.3 public goods
Definition of a public good,
Definition of a pure public good,
Definition of a quasi public good
5  cards

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Economics Theme 1

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