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economics: theme 1

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

By: Sreshta Penugonda
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Decks in this class (15)

1.2.2 - demand
What is demand 1,
What is effective demand 2,
What is latent demand 3
31  cards
1.2.4 - supply
What is supply 1,
What is joint supply 2,
What does quantity supplied repre...
25  cards
1.2.7 - price mechanism
What problem does the price mecha...,
How are prices determined in the ...,
What happens to prices when buyer...
8  cards
1.2.3 - price, income and cross elasticities of demand
What does price elasticity of dem...,
What does ped help us understand ...,
What is the formula for calculati...
53  cards
1.2.5 - elasticity of supply
What does price elasticity of sup...,
Why is pes crucial 2,
What is the formula for calculati...
22  cards
1.2.8 - consumer and producer surplus
What does consumer surplus measure 1,
What does consumer surplus repres...,
What happens when the price incre...
22  cards
1.2.6 - price determination
What is a free market 1,
What is market equilibrium 2,
What happens at the market equili...
10  cards
1.1.1 - economics as a social science, 1.1.2 - positive and normative economic statements, 1.1.3 - the economic problem
What are assumptions in economics 1,
What is the ceteris paribus assum...,
Why is the ceteris paribus assump...
25  cards
1.1.4 - production possibility frontiers
What is a production possibility ...,
Why does the ppf have a negative ...,
Why is the ppf concave 3
21  cards
1.1.5 - specialisation and division of labour
What is specialisation 1,
What is division of labour 2,
What are some advantages of speci...
11  cards
1.1.6 - free market economies, mixed economy and command economy
What is a free market economy 1,
Who owns factors of production in...,
What did adam smith advocate in t...
16  cards
1.2.10 - alternative views of consumer behaviour
What is rational decision making ...,
What are computational weaknesses...,
What is bounded rationality 3
14  cards
1.2.9 - indirect taxes and subsidies
What is an indirect tax 1,
Who pays an indirect tax and who ...,
How does an ad valorem tax work 3
11  cards
1.3 - market failure
What is market failure 1,
What do classical economists beli...,
What are the three types of marke...
33  cards
1.4 - government intervention in markets
Blank 1,
What is the aim of indirect taxes 2,
What incentive do indirect taxes ...
47  cards

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economics: theme 1

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