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Economics: Unit 1

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

By: Mahira Chaudhuri
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Decks in this class (12)

Chapter 3: Production Possibility Curves
Allocatively efficient,
Consumer goods,
Capital goods
3  cards
Chapter 5: Types of Economy
What is the aim of an economic sy...,
What are the fundamental 3 questi...,
Define an economic system
17  cards
Chapter 11: Market Equilibrium & Price Determination
How are prices determined in a fr...,
Consumer sovereignty,
What happens at the equilibrium p...
11  cards
Chapter 12: Market Mechanism
What is the price mechanism,
Rationing function,
Signalling function
7  cards
Chapter 13: Indirect Taxes & Subsidies
What is an indirect tax,
Ad valorem tax,
Specific unit tax
4  cards
Chapter 14: Sources of Market Failure
Define market failure,
Market mechanism,
What does market failure lead to
17  cards
Chapter 15: Positive & Negative Externalities
Graph notes are separate
18  cards
Chapter 6: Rational Decision Making
Behaviourial economics,
Economic welfare,
In rdm consumers aim to maximize
7  cards
Chapter 16: Non-provision of Public Goods
Free rider,
Non excludability,
Non rejectability
7  cards
Chapter 17: Imperfect Markets
Imperfect information,
Asymmetric information,
Information failure gap
6  cards
Chapter 18: Moral Hazards, Speculation & Market Bubbles
Define asymmetric information,
Moral hazard,
Define speculation
6  cards
Chapter 19 & 20: Government Intervention and Failure
Why is government intervention ne...,
Explain how governments may corre...,
Explain how and why governments c...
8  cards

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Economics: Unit 1

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