This class was created by Brainscape user L G. Visit their profile to learn more about the creator.
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L G
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Decks in this class (18)
Definitions of the nature of economics
Economic model,
Social science,
Positive statements
28
cards
Definitions of how markets work
Rational economic behaviour,
Effective demand,
Supply
24
cards
Division of labour and the functions of money
Describe specialisation,
Who famously described the concep...,
Advantages of division of labour
12
cards
Production Possibility Frontier
Define ppf,
What does the ppf depict,
The law of diminishing marginal r...
15
cards
Planned and market economies
Define command planned economy an...,
Pros of planned economy,
Cons of planned economy
8
cards
Price elasticity of Demand
Define ped,
Give an equation for ped,
Describe and explain what is mean...
22
cards
Consumer and Producer surplus
Describe and explain consumer sur...,
Describe the affect of dmu on con...,
Describe the effect of inelastic ...
9
cards
Evaluating the functions of the price mechanism
Define and explain the price mech...,
Name the three ways the price mec...,
Market equilibrium
11
cards
DMU, shifts and conditions of supply and demand
Ceteris paribus,
Explain diminishing marginal utility,
Explain supply
27
cards
Income and cross elasticity of demand - YED and XED
Define yed,
Give an equation of yed,
Yed for inferior normal and luxur...
14
cards
Price elasticity of supply
Define pes,
Give an equation for pes,
Describe what is meant by relativ...
18
cards
Definitions
Positive statement,
Normative statement,
Price mechanism
34
cards
Government intervention
Indirect taxation,
How elasticity effects ad valorem...,
How elasticity effects specific tax
31
cards
Factors of production, scarcity and the allocation of resources
Factors of production,
What is capital and what is the i...,
What is entrepreneurship and what...
10
cards
Alternative views of consumer behaviour
Habitual behaviour,
Computational difficulties,
Influence of other peoples behaviour
4
cards
Types of market failure
Define market failure,
Types of market failure,
What are externalities
25
cards
Governemt failure
Government failure is when,
Causes of government failure 6,
Government failure in various mar...
8
cards
Definitions of market failure and government intervention
Market failure,
Externalities,
Private costs
19
cards
More about
Economics theme 1
- Class purpose General learning
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