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Megan Mitchell
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Decks in this class (23)
Economics as a social science
What is the key assumption econom...,
Ceteris paribus,
What can economists not conduct
6
cards
Positive and Normative statements
What are positive statements and ...,
Name the two words to look for wh...,
Name the key things about a posit...
9
cards
Economic data
What do economists use data for,
What is gdp,
Name the 5 sources of data
10
cards
The Economic Problem
Outline the basic economic problem,
Name with examples the 2 ways res...,
Scarcity
23
cards
Production possibility Frontiers (PPF's)
What are ppfs,
What do ppfs and ppcs both show,
What do points lying on the ppf show
5
cards
Economic growth & the PPF
What will growth in the economy d...,
What is growth in the economy cau...,
Capital goods examples
14
cards
Mass production and Division of labour
Division of labour,
Specialisation,
Name the 2 ways to increase produ...
9
cards
Types of economies
Free market economy characteristics,
Command economy characteristics,
Mixede economy characteristics
7
cards
The Functions of Money
What is money,
Name the 4 functions of money,
Define a medium of exchange
24
cards
Contributions to economies
John maynard keynes,
Friedrich hayek,
Adam smith
4
cards
Rational decision making
What do consumers aim to do when ...,
What do firms aim to do when maki...,
What do government aim to do when...
5
cards
Mixed formulas
Base index,
Price elasticity of demand ped,
Income elasticity of demand yed
7
cards
Supply & Demand
Name the 4 factors that influence...,
How does price influence demand,
How does the price of other goods...
9
cards
Price Elasticity of Demand (PED)
What is ped,
What is ped used to show,
What value do elastic goods have
12
cards
Income elasticity (YED)
What is yed,
What is a normal good,
What is an inferior good
12
cards
Cross price elasticity (XED)
W hat is xed,
What is the formula for calculati...,
What 2 goods have a positive xed
13
cards
Price elasticity of supply
Pes formula,
Price equilibrium
2
cards
Indirect taxes
What are indirect taxes examples,
What is vat an example of,
Define ad valorem tax
10
cards
Subsidies
Define subsidies,
Give an example s of a subsidy,
What does a subsidy tend to do
6
cards
Incidence of tax
Define tax incidence,
What does the tax incidence depen...,
What does the consumer burden of ...
9
cards
Alternative explanations of behaviour
According to neoclassical economi...,
Name some other key assumptions m...,
Name some factors that influence ...
12
cards
Market failure
Name the 4 functions of prices,
Define signalling function,
Define incentive function
14
cards
Government intervention
Define regulation
1
cards
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ECONOMICS -THEME 1 : Introduction to markets and market failure
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