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Economics Theme 1 Key Terms- Introductions to markets and market failure

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

By: Faiza Uddin
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Decks in this class (22)

1.1.1 Nature of Economics
Behavioural economics,
Ceteris parabus,
Economic assumptions
6  cards
1.1.2 Positive and Normative economic statements
Positive statements,
Normative statements,
Value judgement
3  cards
1.1.3 The economic problem
Barter,
Basic economic problem,
Capital goods
14  cards
1.1.4 Production possibility frontiers
Allocative efficiency,
Capital goods,
Concave production possibility fr...
10  cards
1.1.5 Specialisation and the division of labour
Adam smith,
Alienation,
Division of labour
6  cards
1.1.6 Free market economies, mixed economies, command economies
Adam smith,
Capitalist economy,
Command economy
12  cards
1.2.1 Rational decision making
Behavioural economics,
Incentives,
Income
9  cards
1.2.2 Demand
Consumer goods and services,
Demand,
Demand curve
9  cards
1.2.3 Price, income and cross elasticities of demand
Complements,
Cross elasticity of demand,
Derived demand
15  cards
1.2.4 Supply
Competitive supply,
Excess supply,
Law of supply
7  cards
1.2.5 Elasticity of supply
Elastic supply,
Inelastic supply,
Price elasticity of supply
4  cards
1.2.6 Price determination
Disequilibrium,
Equilibrium,
Excess demand
5  cards
1.2.7 Price mechanisms
Price mechanism,
Signalling,
Incentives
5  cards
1.2.8 Consumer and producer surplus
Community surplus,
Consumer surplus,
Producer surplus
3  cards
1.2.9 Indirect taxes and subsidies
Ad valorem tax,
Indirect tax,
Specific tax
11  cards
1.2.10 Alternative views of consumer behavior
Behavioural economics,
Computational weakness,
Habitual behaviour
4  cards
1.3.1 Types of market failure
Externalities,
Information gaps,
Negative externalities
8  cards
1.3.2 Externalities
Externalities,
Positive externalities external b...,
Negative externalities external c...
19  cards
1.3.3 Public goods
Public goods,
Non,
Non rivalrous
7  cards
Information gaps
Information gaps,
Asymmetric information,
Information failure
4  cards
1.4.1 Government intervention in markets
Government intervention,
Government information,
Maximum price
9  cards
1.4.2 Government failure
Government failure,
Net welfare loss,
Regulatory capture
4  cards

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Economics Theme 1 Key Terms- Introductions to markets and market failure

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