This class was created by Brainscape user Reegan Harrison. Visit their profile to learn more about the creator.
By:
Reegan Harrison
- decks
- flashcards
- learners
Decks in this class (29)
Theme 1
Microeconomics definition,
Scarcity definition,
What are the factors of production
153
cards
Bridging Unit
Who owns resources in a free market,
How does a free market incentivis...,
How are prices set in a free market
79
cards
1- Economics as a social science
What is a model,
What do models contain,
Why do economists use models
11
cards
2- Economic Data and Positive/Normative Statements
Base period definition,
Index number definition,
Nominal values
14
cards
3- The Economic Problem
What is the economic problem,
What does the economic problem ca...,
What choices have to be made
22
cards
4- Production Possibility Frontiers (PPF)
What do ppfs show,
What does a point moving up or do...,
What does a point inside a ppf re...
19
cards
5- Specialisation, Division of Labour and Money
What is specilisation,
What is division of labour,
What is an economy of scale
30
cards
6- Rational Decision Making and Consumer Behaviour
What is the key assumption econom...,
Why are these assumptions simplistic,
Neo classical theory
22
cards
7- Demand
Demand definition,
What is the law of demand,
Demand curve
17
cards
8- Supply
Supply definition,
Law of supply,
What explains the law of supply
16
cards
9- Price Determination
Market equilibrium definition,
Market clearing price,
What is excess supply
5
cards
10- The Price Mechanism
What does the price mechanisms do,
What helps determine price,
What are the 3 functions price ha...
12
cards
11- Price Elasticity Of Demand
Ped definition,
Ped equation,
Percentage change equation
18
cards
12- PED and Total Revenue
Ped use for total revenue,
Total revenue equation,
Relationship between ped prices c...
5
cards
13- Price Elasticity Of Supply
Pes definition,
Pes equation,
What does it mean if pes 0
18
cards
14- Income Elasticity
Income elasticity definition,
Income elasticity equation,
What does it mean if yed is betwe...
12
cards
15- Cross Elasticity Of Demand
Xed definition,
Xed equation,
What does it mean if xed is great...
11
cards
16- Indirect Taxes
What is an indirect tax,
Examples of indirect taxes,
Taxation definition
24
cards
17- Subsidies
What is a subsidy,
Examples of subsidies,
What will a subsidy to the supply...
9
cards
18- Types of Economies
What is a free market economy,
What is a command economy,
What is a mixed economy
9
cards
19- Market Failure- Externalities
Causes of market failure,
What is market failure,
What is the marginal private cost
10
cards
20- Market Failure- Public Goods
What is a private good,
Characteristics of public goods,
Examples of public goods
5
cards
21- Market Failure- Information Gaps
What is symmetric information,
What is a information gap failure,
What is assymetric information
7
cards
22-Maximum Prices
What is a maximum price and what ...,
How is price maximisation found o...,
What could the maximum price shor...
5
cards
23- Minimum Prices
Uses of minimum prices,
Minimum prices on a supply and de...,
Advantages on minimum prices or mgp
4
cards
24- Tradeable Pollution Permits and Gov Regulation
What is a pollution permit,
Advantages of pollution permits,
Disadvantages of pollution permits
22
cards
25- Government failure
What is government failure,
Causes of government failure,
Effects of government failure
12
cards
Micro Examples for literally everything (A* Content)
Basic economic problem,
Demand shift right,
Demand shift left
80
cards
Application Evidence
Inward shift of demand of restaur...,
Inward shift of demand,
Price inelastic necessities
13
cards
More about
THEME 1
- Class purpose General learning
Learn faster with Brainscape on your web, iPhone, or Android device. Study Reegan Harrison's THEME 1 flashcards now!
How studying works.
Brainscape's adaptive web mobile flashcards system will drill you on your weaknesses, using a pattern guaranteed to help you learn more in less time.
Add your own flashcards.
Either request "Edit" access from the author, or make a copy of the class to edit as your own. And you can always create a totally new class of your own too!
What's Brainscape anyway?
Brainscape is a digital flashcards platform where you can find, create, share, and study any subject on the planet.
We use an adaptive study algorithm that is proven to help you learn faster and remember longer....
Looking for something else?
Theme 1 17/18
- 53 decks
- 779 flashcards
- 89 learners
Decks:
11b Dynamic, 11c New Business, 11d Creative Thinking, And more!
Economics- Theme 1
- 27 decks
- 571 flashcards
- 6 learners
Decks:
Theme 1, Bridging Unit, 1 Economics As A Social Science, And more!
