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Muhammad Showmik
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Decks in this class (25)
1-Introductory concepts
How is economics a social science,
Define theories and models,
Use of assumptions in building mo...
5
cards
2-The Economic Problem
Define the economic problem,
What are the 3 fundamental econom...,
Define opportunity cost
10
cards
3-Production Possibility Frontier (PPF)
1
cards
4-Demand
Define demand,
Law of demand,
Define rational consumer
9
cards
5-Supply
Define supply,
Law of supply,
What causes a movement along the ...
5
cards
7-Price Elasticity of Demand (PED)
What does price elasticity of dem...,
Formula for ped,
Ped 1
15
cards
8-Income Elasticity of Demand (YED)
Define,
Formula for yed,
Interpretation of the values of yed
6
cards
9-Cross Elasticity of Demand (XED)
Define cross elasticity of demand...,
Formula for xed,
Interpretation of values xed
5
cards
10-Price Elasticity of Supply (PES)
Define price elasticity of supply...,
Formula for pes,
Interpretation of values of pes
14
cards
11-Consumer & Producer Surplus
Define consumer surplus,
Define producer surplus,
State the impact of change in demand
4
cards
12-Indirect Tax
Define indirect tax,
Define specific tax,
De
5
cards
13-Subsidy
Define subsidy,
State the how the ped of a good r...
2
cards
14-Specialization And Division of Labor
Define specialization,
State the advantages of specializ...,
State the disadvantages of specia...
6
cards
15-Function of Money
Define money,
State the functions of money,
Express the functions of money
7
cards
16-Role of Financial Market
Define financial market,
State the role of financial market,
Elaborate the role of financial m...
7
cards
17-Economic System
Define economic system,
How many,
Define free market economy
17
cards
18-Market Failure
Define market failure,
Outline the reasons for market fa...
2
cards
19-Externalities
Define externalities,
Define external cost negative ext...,
Give some examples of external co...
18
cards
20-Government Intervention In Market
State the methods of government i...,
Elaborate,
Elaborate the method of governmen...
9
cards
21-Non-provision of Public Goods
Define public good,
Define,
Define
4
cards
22-Imperfect Market Information
Define imperfect market informati...,
Define asymmetric information,
Give examples of
8
cards
23-Moral Hazard
Define moral hazard,
Give examples of,
Elaborate the
4
cards
24-Speculation & Market Bubble
Define speculation,
Define market bubble,
State the impact of market bubble...
6
cards
25-Government Failure
Define government failure,
State the types of government fai...,
Elaborate the type of government ...
7
cards
26-Rational Decision Making
State the assumption of rationali...,
State the reasons why consumers m...,
Elaborate the reasons why consume...
8
cards
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Economics Unit 1
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