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Economics Unit 1

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

By: Anna Richards
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Decks in this class (12)

The Economic Problem
What is the central purpose of ec...,
What are the questions 3,
What are the factors of production
14  cards
The Allocation Of Resources In A Free Market
What is the definition of demand,
What are the factors that affect ...,
What causes a movement along the ...
20  cards
Production And Efficiency
What is the division of labour,
What is specialization,
What are the advantages of specia...
9  cards
Market Failure
When does market failure occur,
What is partial market failure,
What is complete market failure
26  cards
The economic problem.
What is the central purpose of ec...,
What are the key questions 3,
What is economic welfare
26  cards
Demand in a market
What is demand,
Why is the demand curve downward ...,
What causes a movement along the ...
12  cards
Supply in a market
What is supply,
What is market supply,
Why is the supply curve upward sl...
8  cards
How a competitive market works?
What is equilibrium,
What is disequilibrium,
How can excess supply be shown on...
13  cards
Elasticity
What is price elasticity equation,
If ped is above 1 is it elastic o...,
If ped is below 1 is it elastic o...
27  cards
Production and efficiency
What is specialisation,
What is the division of labour,
What are the benefits of the divi...
17  cards
Market failures
What is market failure,
What causes market failure 7,
What are externalities
29  cards
Government intervention in markets
In a free market how are scarce r...,
Why might a government decide to ...,
What are the forms of government ...
31  cards

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Economics Unit 1

  • Class purpose General learning

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