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Unknown Unknown
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Decks in this class (41)
Topic 1: Economic Methodology
What is economic methodology 1,
What is the difference between po...,
Why is methodology important in e...
8
cards
Topic 2: The Nature & Purpose of Economic Activity
What is economic activity 1,
What is the main purpose of econo...,
What are the three main sectors o...
7
cards
Topic 3: Economic Resources
What are economic resources 1,
What are the main types of econom...,
What makes a resource economic 3
7
cards
Topic 4: Scarcity, Choice, and the Allocation of Resources
What is scarcity 1,
Why is scarcity a fundamental eco...,
What are opportunity costs 3
7
cards
Topic 5: Production Possibility Diagrams (PPDs)
What does a point on the curve re...,
What does a point inside the curv...,
What does a point outside the cur...
7
cards
Topic 6: Consumer Behaviour
What is consumer behaviour 1,
What are the traditional assumpti...,
What is utility 3
9
cards
Topic 7: Aspects of Behavioural Economic Theory
What is behavioural economics 1,
What is bounded rationality 2,
What are heuristics 3
8
cards
Topic 8: Behavioural Economics and Economic Policy
How does behavioural economics in...,
What is a nudge in economic policy 2,
How does overconfidence influence...
7
cards
Topic 9: The Determinants of the Demand for Goods and Services
What is demand 1,
How does the price of a good affe...,
What are substitutes and how do t...
8
cards
Topic 10: Price, Income, and Cross Elasticities of Demand
What is ped 1,
How is ped calculated 2,
What does it mean if ped 1 1 or 1 3
8
cards
Topic 11: The Determinants of the Supply for Goods and Services
What is supply 1,
How does the price of a good affe...,
How do input costs affect supply 3
9
cards
Topic 12: Price Elasticity of Supply (PES)
What is price elasticity of suppl...,
How is pes calculated 2,
What does it mean if pes 1 1 or 1 2
8
cards
Topic 13: The Determination of Equilibrium Market Prices
What is market equilibrium 1,
What is equilibrium price 2,
What is equilibrium price 3
10
cards
Topic 14: The Interrelationship Between Markets
What does interrelationship betwe...,
How do substitutes affect interre...,
How do factor markets link to pro...
8
cards
Topic 15: The Distribution of Income in the UK – Equity vs Equality
What is income distribution 1,
What are common measures of incom...,
What is equality in income distri...
8
cards
Topic 16: The Distribution of Wealth in the UK
What is wealth 1,
Why is wealth distribution more u...,
How is wealth different from inco...
7
cards
Topic 17: Policies to Redistribute Wealth
What are wealth redistribution po...,
What is progressive taxation 2,
How does it reduce inequality 2
8
cards
Topic 18: The Lorenz Curve & Gini Coefficient
What is the lorenz curve 1,
What does a perfectly equal loren...,
What does a highly unequal lorenz...
7
cards
Topic 19: Definitions of Poverty – Absolute & Relative Poverty
What is poverty 1,
What is absolute poverty 2,
How is absolute poverty measured 2
7
cards
Topic 20: The Causes of Poverty
How does unemployment cause pover...,
How do low wages contribute to po...,
How does lack of education or ski...
8
cards
Topic 21: The household, social and economic impacts of poverty
How does poverty affect household...,
How does poverty affect education...,
How does poverty affect health at...
8
cards
Topic 22: Redistribution policies to alleviate poverty 1: the tax system in the UK
What is a progressive tax and how...,
How can high marginal tax rates c...,
How does the personal allowance i...
8
cards
Topic 23: Redistribution policies to alleviate poverty 2: the benefits system in the UK
What is the main aim of the uk be...,
How do benefits complement the ta...,
What is the difference between me...
8
cards
Topic 24: Supply side policies to alleviate poverty 1: labour market interventions.
What is the aim of labour market ...,
Why are supply side policies pref...,
How does education and training h...
8
cards
Topic 25: Supply side policies to alleviate poverty 2: economic growth
How does economic growth help red...,
Why is sustained growth important...,
What is meant by inclusive growth 3
8
cards
Topic 26: Supply side policies to alleviate poverty 3: education policy
How does education reduce poverty 1,
Why is human capital important 2,
What policies improve access to e...
8
cards
Topic 27: Factors affecting the demand for labour.
What is the main determinant of l...,
How does productivity affect labo...,
How do wages influence demand for...
8
cards
Topic 28: MRP Theory (Marginal Revenue Product Theory)
What does mrp stand for in labour...,
How do firms decide how many work...,
What determines a worker s mrp 2
7
cards
Topic 29: The supply of labour to an industry and for the economy
What factors influence the supply...,
Why might higher wages not always...,
What does the labour supply curve...
7
cards
Topic 30: Wage determination in perfectly competitive labour markets
How are wages determined in a per...,
What determines the demand for la...,
What determines the supply of lab...
5
cards
Topic 31: Wage differentials
What are wage differentials 1,
How can discrimination create wag...,
How do differences in skills and ...
6
cards
Topic 32: Labour market failures 1 — Monopsony power
What is monopsony power in labour...,
How does monopsony power affect w...,
Why is monopsony considered a lab...
5
cards
Topic 33: Labour market failures 2: factor immobility
What is factor immobility 1,
How does factor immobility cause ...,
What are the two main types of la...
19
cards
Topic 34: Labour Market Failures 3 – Wage Discrimination:
What is wage discrimination 1,
How does wage discrimination diff...,
Why might monopsony power increas...
10
cards
Topic 35: Labour Market Interventions & The National Minimum Wage (Living Wage):
What is the national minimum wage...,
What is the national living wage ...,
What are the potential drawbacks ...
10
cards
Topic 36: The Influence of Trade Unions in Labour Markets:
What is a trade union 1,
How do trade unions influence wag...,
How can strong trade unions affec...
10
cards
Topic 37: Wage Determination in a Bilateral Monopoly / Monopsony:
What is a bilateral monopoly 1,
How does a bilateral monopoly dif...,
How is the wage set in a bilatera...
10
cards
Topic 38: Further market failures — externalities, public goods, merit & demerit goods, imperfect information, factor immobility.
What is an externality 1,
Difference between positive and n...,
How do externalities cause market...
14
cards
Topic 39: Government Intervention — Policies to Address Market Failures:
What is government intervention i...,
How do maximum and minimum prices...,
How do regulations and laws addre...
13
cards
Topic 40: Environmental Externalities — Property Rights, Tragedy of the Commons, Tradable Permit Schemes:
What are property rights 1,
What is the tragedy of the commons 2,
How do property rights reduce env...
15
cards
Topic 41: Government Failures:
What is government failure 1,
How can information gaps cause go...,
How can bureaucratic inefficiency...
11
cards
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