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Katie Taylor
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Decks in this class (20)
1.2
1.2.1. Rational Decision Making, 1.2.2. Demand, 1.2.3. Elasticities of Demand, 1.2.4. Supply, 1.2.5. Price Elasticity of Supply, 1.2.6. Price Determination, 1.2.7. Price Mechanism, 1.2.8. Consumer and Producer Surplus, 1.2.9. Indirect Taxes and Subsidies
10
cards
1.3
What s market failure,
What is complete market failure,
What s partial market failure
37
cards
1.4
What is a merit good,
What is a de merit good examples,
What are the two different types ...
23
cards
Consumer and Producer Surplus (1.2.8)
What s consumer surplus,
Where is consumer surplus shown o...,
What s producer surplus
5
cards
1.2 Whiteboard Tasks
What is consumer surplus,
What is producer surplus,
Where is producer and consumer su...
7
cards
1.3 Whiteboard Tasks
What is a merit good,
What is a demerit good,
Define market failure
20
cards
1.4 Whiteboard Tasks
What are the 7 types of governmen...,
How can an indirect tax reduce th...,
How can a subsidy increase the co...
10
cards
Economies as a social science (1.1.1)
What is ceteris paribus,
What s an example of the use of c...,
Why is it difficult to set up exp...
3
cards
Positive and Normative Economic Statements (1.1.2)
What is a positive statement,
What are examples of positive sta...,
What is a normative statement
9
cards
The Economic Problem (1.1.3)
What is the economic problem,
What does scarcity mean,
What are renewable resources
12
cards
Production Possibility Frontiers (1.1.4)
What does a ppf graph show,
What are the two different types ...,
Define capital goods
20
cards
Specialisation and the Division of Labour (1.1.5)
What does labour productivity mean,
What theories did adam smith come...,
Explain adam smith s pin factory ...
15
cards
Free Market economies, mixed economy and command economy (1.1.6)
1.1.1. Economics as a social science, 1.1.2. Positive and Normative Statements, 1.1.3. The Economic Problem, 1.1.4. Production Possibility Frontiers, 1.1.5. Specialisaion and Division of Labour, 1.1.6. Types of Economies
21
cards
Rational Decision Making (1.2.1)
What is rational decision making,
Define rational decision making,
Define utility
11
cards
Demand (1.2.2)
What does demand mean,
What does a demand curve look like,
What s the general rule of a dema...
11
cards
Price, Income & Cross Elasticities of Demand (1.2.3)
What is price elasticity of deman...,
What does ped look like,
What s the equation for working o...
33
cards
Supply (1.2.4)
What does supply mean,
What does the supply curve look l...,
What are the factors leading to a...
10
cards
Price Elasticity of Supply (1.2.5)
What is price elasticity of supply,
What s the equation for pes,
What are the factors that affect ...
14
cards
Price Determination (1.2.6)
In a free market economy what are...,
What is the equilbrium point,
What is this price also known as
14
cards
Price Mechanism (1.2.7)
What does price mechanism mean,
What market would price mechanism...,
What are the three main functions...
10
cards
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Theme 1 (Micro)
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