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Zara Reynolds
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Decks in this class (20)
economics as a social science 1.1.1
General definition of economics 1,
Role of assumptions 2,
Advantages and limitations of eco...
5
cards
1.1.2 Positive and normativ statements
Positive statements 1,
Normative statements 2,
Value judgements in influencing e...
3
cards
1.1.3 the economic problem
Scarcity 1,
Renewable vs non renewable resour...,
Importance of opportunity costs 3
3
cards
1.1.4 PPFs
What does the ppf curve show 1,
Economic growth or decline 2,
Efficient or inefficient allocati...
4
cards
1.1.5 Specialisation and division of labour
Specialisation 1,
Advantages and disadvantages of s...,
Ad disad of specialisation in g s...
4
cards
1.1.6 Types of economies
Free market economies 1,
Command economy 2,
Mixed economy 3
4
cards
1.2.1 Rational decision making
Consumer aims to maximise utility 1,
Firms aim to maximise profits 2,
Consumer decision making 3
4
cards
1.2.2 Demand
Demand 1,
Conditions of demand 2,
Dimining marginal utility 3
4
cards
1.2.3 PED, YED, XED
Ped 1,
Yed 2,
Xed 3
5
cards
1.2.4/5 supply and elasticity
Factors affecting supply 1,
Pes 2,
Factors influencing pes 3
4
cards
1.2.7Price mechanism
Rationing 1,
Incentivising 2,
Signalling 3
6
cards
1.2.8 consumer and producer surplus
Consumer surplus 1,
Producer surplus 2,
Surpluses on s d diagram 3
4
cards
1.2.9Indirect taxes and subsidies
Indirect tax 1,
Blank 2
2
cards
1.2.10 Alternative views on consumer behaviour
Influence of other people 1,
Habitual behaviour 2,
Consumer weakness at computation 3
5
cards
1.3.1 Types of market failure
Market failure 1,
Types of market failure 2,
Types of market failure 3
4
cards
1.3.2 externalities
Private social external costs 1,
Explanation of negative productio...,
Example of negative production ex...
14
cards
1.3.3 Public goods
Public goods 1,
Free rider problem 2,
Gov intervention 3
4
cards
1.3.4 information gaps
What are the different forms of i...,
Imperfect info merit and demerit ...,
Asymmetric info second hand car m...
8
cards
1.4.1Government intervention
Maximum price 1,
Evaluation maximum prices 2,
Examples of maximum price 3
18
cards
1.4.2government failure
What is government failure 1,
Causes political self interest an...,
Causes unintended consequences 3
9
cards
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micro theme 1
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