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thania rahman
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Decks in this class (27)
1) Basic Economic Problem
What does opportunity cost mean,
What are the factors of production,
What are economic goods
7
cards
2) Specialisation And Division Labour
What does specialisation mean,
What does production mean,
What does division of labour mean
4
cards
3)Production Possibility Frontier
What does ppf mea,
If a country on the curve produce...,
What is the calculation of opport...
13
cards
11) PED
What is the formula for ped,
What does ped mean,
How do you calculate percentage c...
12
cards
4) Types Of Economy: Ree Market And Mixed
What is a command economy,
What are the three types of economy,
What is mixed economies
8
cards
5) Positive And Normative Statements
What is a positive statement,
What is a normative statement
2
cards
6) The Role Of Prices In An Economy
Whats the three main function of ...,
What does price reflect,
Describe rationing function
5
cards
7) Theory Of Demand
Why does the demand curve shift,
What are the factors of a shift i...,
How does taste shift the demand c...
9
cards
8) Theory Of Supply
Give example of changes in the co...,
How is changes in the cost of pro...,
Name all the non price determinan...
8
cards
9) Equilibrium & Excess Demand And Supply
What is an equilibrium price,
What is a market,
What is excess demand
9
cards
10) Economic Welfare: Consumer And Producer Surplus
Where is the consumer surplus on ...,
What does consumer surplus mean,
What does producer surplus mean
4
cards
12) PED And Revenue
If the price was at 10 and the qu...,
Whats the formula for calculating...,
If the price increases what would...
7
cards
13) Cross Elasticity Of Demand
What does xed show,
What does cross elasticity of dem...,
Whats the xed formula
9
cards
14) Income Elasticity Of Demand
Whats the yed formula,
What does yed mean,
Interpret the value of yed its ne...
5
cards
15) Price Elasticity Of Supply
Whats the formula of pes,
What does pes mean,
Price if product rise from 5 to 7...
6
cards
16) Indirect Taxes And Subsidies
What is ad valorem tax,
What is an indirect tax,
Give an example of ad valorem
6
cards
17) Labour Markets
What does derived demand mean,
In the labour markets who supplie...,
Give and example pf demand for la...
19
cards
18) Market Failure
Name the 6 types of market failures,
What does market failure mean
2
cards
19) Externalities
What does negative externalities ...,
What does externalities mean,
What is a private cost
9
cards
20) Diagram Showing A Negative Externality Of Production
Name the evaluation of the theory...,
Explain the diagram showing a neg...,
Give an example of an imperfect k...
5
cards
21) Diagram Showing A Positive Externality Of Consumption
State the evaluation of the theor...,
Describe the diagram label of pos...,
Give an example of imperfect know...
5
cards
22)missing Markets:public Goods
What is non pure public goods,
What is pure public goods,
Is street light non rival
9
cards
23) Imperfect Market Information
What does asymmetric info mean,
What does symmetric information mean,
Whats the disadvantage of asymmet...
6
cards
24) Government Intervention To Correct Market Failure Caused By Externalities And Missing Markets
What is taxation,
What are the 6 main ways the gove...,
Describe the taxation diagram
23
cards
25) Labour Market Immobility
What are the two types of labour ...,
What does labour market immobilit...,
What is geographical labour immob...
9
cards
26) Unstable Commodity Markets
How is unpredictable supply a rea...,
Why are price unstable in agricul...,
How is time lags problem a reason...
21
cards
27) Government Failure And Cost Benefit Analysis
Explain government failure in mex...,
What does government failure mean,
Explain government failure in the...
13
cards
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Economics Unit 1
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