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Decks in this class (18)
Lesson 2 - What Is Economics?
What is economics and what is it ...,
How is economics a social science,
Define ceteris paribus
14
cards
Lesson 3 - Choice, Scarcity And Opportunity Cost
What is the economic problem,
What is a shortage,
What is an incentive
11
cards
Lesson 4 - Economic Resources
What are the 4 factors of product...,
Name and explain the 2 types of l...,
What is the labour supply affecte...
4
cards
Lesson 5 - Production Possibility Curves
What does the ppc show,
Define efficiency,
What are the 3 types of efficiency
7
cards
Lesson 6 - The Allocation Of Resources
Describe the free market,
Why is allocative efficiency impo...,
What is the definition of a market
22
cards
Lesson 7 - Demand And Supply
What is consumer surplus,
What is producer surplus,
What factors cause a shift in demand
7
cards
Lesson 8 - Market Equilibrium
What happens in a market when the...,
What is equilibrium,
What is disequilibrium
6
cards
Lesson 9 - Price Elasticity Of Demand
What is elastic demand,
What is inelastic demand,
What is the price elasticity of d...
14
cards
Lesson 10 - Income And Elasticities
What is the income elasticity of ...,
What is the equation for yed,
Negative yed
8
cards
Lesson 11 - Cross Elasticity Of Demand
What is the cross elasticity of d...,
What does a positive cross elasti...,
What does a negative cross elasti...
10
cards
Lesson 12 - Price Elasticity Of Supply
What is price elasticity of supply,
What is the equation for pes,
How can you tell whether pes is e...
5
cards
Lesson 13 - Demand And Supply In Markets
What is excess demand,
How does excess demand occur in s...,
What is excess supply
9
cards
Lesson 14 - Production And Efficiency
What is productivity,
What is specialisation,
Give an example of specialisation
11
cards
Lesson 15 - Market Failure
What is market failure,
What is the difference between co...,
What are the functions of price
4
cards
Lesson 16 - Public And Private Goods
What is a public good give an exa...,
What are private goods,
What are the characteristics of p...
6
cards
Lesson 17 - Externalities
What are the private costs of con...,
What are the private benefits of ...,
What are the social costs of cons...
7
cards
Lesson 18 - Information Failure
What is imperfect information and...,
What is asymmetric information,
What is akerlofs lemons and what ...
8
cards
Lesson 19 - Government Intervention
What are indirect taxes,
What are the two ways that indire...,
What are some ways that governmen...
8
cards
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Microeconomics Year 1
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