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Susie Cabral
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Decks in this class (25)
free market economies
Free market economy,
Who belived in the free market ec...,
Who believed in the command economy
13
cards
introduction to economics
Economics agent,
Positive statement,
Normative statement
7
cards
opportunity cost PPF curve 1.1.4
Consumer goods,
Capital goods,
Opportunity cost
8
cards
rational decision making 1.2.1
Rational decision making,
Utility,
Maximising utility
6
cards
demand 1.2.2
P.A.S.I.C.F.I.C
10
cards
supply 1.2.4
Supply,
Law of supply,
Supply curve is upwards sloping b...
12
cards
PED 1.2.3
Law of demand,
Ped,
Ped
16
cards
PES 1.2.5
Pes definition,
Pes equation,
Greater than 1
13
cards
YED
Yed,
Yed equation,
Normal good
8
cards
Price determination market equilibrium 1.2.6
1
cards
consumer and producer surplus 1.2.8
Consumer surplus meaning,
Producer surplus
2
cards
indirect taxation 1.2.9
Indirect taxs,
Direct tax,
Indirect tax
5
cards
subsidies 1.2.9
Su,
A form of govt intervention tosol...,
X
3
cards
market failure and externalities 1.3.1 and 1.3.2
Under provision of public goods,
Merit good,
Demerit good
7
cards
causes of market failure 1.3.3
1
cards
govt intervention in markets - minimum pricing 1..4.1
What is minimum pricing,
Why minimum price,
4
cards
cross elasticity of demand XED
Xed measures,
Xed equation,
+
7
cards
allocative efficiency
Allocative efficiency,
Private costs pc,
Marginal social cost msc
15
cards
price mechanism
What doesexcess demand do,
A 4,
S
5
cards
information gaps
0
cards
minimum pricing
0
cards
government intervention in markets 1.4.1
State provision,
Information provision,
Regulations
3
cards
state provision
0
cards
externalities
Positive production externalities,
Negative production externality,
Positive consumption externality
4
cards
government failure
Government failure is,
Information failure,
Dministrative and enforcement costs
3
cards
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Microe Theme 1
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