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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 1,
Consumer goods 2,
Capital goods 3
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 3
17  cards
Chapter 11: Market Equilibrium & Price Determination
How are prices determined in a fr...,
Consumer sovereignty 2,
What happens at the equilibrium p...
11  cards
Chapter 12: Market Mechanism
What is the price mechanism 1,
Rationing function 2,
Signalling function 3
7  cards
Chapter 13: Indirect Taxes & Subsidies
What is an indirect tax 1,
Ad valorem tax 2,
Specific unit tax 3
4  cards
Chapter 14: Sources of Market Failure
Define market failure 1,
Market mechanism 2,
What does market failure lead to 3
17  cards
Chapter 15: Positive & Negative Externalities
Graph notes are separate
18  cards
Chapter 6: Rational Decision Making
Behaviourial economics 1,
Economic welfare 2,
In rdm consumers aim to maximize 3
7  cards
Chapter 16: Non-provision of Public Goods
Free rider 1,
Non excludability 2,
Non rejectability 3
7  cards
Chapter 17: Imperfect Markets
Imperfect information 1,
Asymmetric information 2,
Information failure gap 3
6  cards
Chapter 18: Moral Hazards, Speculation & Market Bubbles
Define asymmetric information 1,
Moral hazard 2,
Define speculation 3
6  cards
Chapter 19 & 20: Government Intervention and Failure
Why is government intervention ne...,
Explain how and why governments c...,
Explain how and why governments c...
8  cards

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Economics: Unit 1

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