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Economics: THEME ONE

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

By: Sharnika Sivakaran
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Decks in this class (20)

The Economic Problem (LS1)
Economy,
4 factors of production,
Capital
12  cards
Government Failure (LS23)
Government failure,
Causes of government failure,
Unintended consequences
11  cards
Tradable Pollution Permits (L21)
How is a limit cap set,
Who allocates pollution permits,
What does the permit allow
9  cards
Regulation (L22)
Regulation,
Command,
Control
9  cards
Max And Min Price (L20)
Maximum price,
Minimum price,
Guaranteed minimum pricing scheme
4  cards
Information Gaps (L19)
Perfect information,
Symmetric information,
Imperfect information
5  cards
Market Failure And Externalities (L17+18)
Market failure,
Externalities,
Public goods
16  cards
Price Mechanism (L16)
4 functions of the price mechanism,
Signalling function,
Incentive function
11  cards
XED&YED (L15)
Formula for cross price elasticit...,
What does xed measure,
Substitute goods
23  cards
Diminishing Marginal Utility & Misc (L14)
Income effect,
Marginal utility,
Diminishing marginal utility
5  cards
Consumer Surplus And Producer Surplus (L13)
Consumer surplus,
Producer surplus,
Incidence of indirect tax
8  cards
Taxes & Subsidies (L11)
Direct tax,
Indirect tax,
Specific tax
7  cards
Price Determination (L10)
Equilibrium price,
Why is the bartering system ineff...,
Market
4  cards
Demand + Supply (L8-9)
Problem how can we explain change...,
Demand,
Why is the public sector generall...
20  cards
Decision Making In Economics (L7)
Problem assumptions about the beh...,
Model on housing market when devi...,
Classical and neoclassical econom...
10  cards
Elasticity (L12)
Price elasticity of demand,
When is demand price elastic,
When is demand price in elastic
31  cards
Economic Systems (LS6)
Command economy,
Mixed economy,
Free market economy
15  cards
Specialisation & Division Of Labour (LS5)
Specialisation,
Division of labour,
Productivity
19  cards
Positive And Normative (LS4)
Positive economic statements,
Normative economic statements,
A ban on smoking in public places...
7  cards
Models In Economics (LS2+LS3)
Models,
Why is it difficult for economist...,
What do economists use to make mo...
18  cards

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Economics: THEME ONE

  • Class purpose General learning

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