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9ec0 a-level microeconomics

This class was created by Brainscape user Blythe Chan. Visit their profile to learn more about the creator.

By: Blythe Chan
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Decks in this class (15)

1.1.1, 1.1.2, 1.1.3 Nature of economics
1.1.1 Economics as a social science, 1.1.2 Positive and normative economic statements, 1.1.3 The economic problem
13  cards
1.1.4 Production possibility frontiers
What is a production possibility ...,
Describe a ppf diagram,
What does a point on the ppf repr...
10  cards
1.1.5 Specialisation and the division of labour
Define specialisation,
Define specialisation,
Define the division of labour
11  cards
1.1.6 Free market economies, mixed economy and command economy
What are the three economic quest...,
Features of the command planned e...,
Advantages of the command planned...
12  cards
1.2.1 Rational decision making
Consumers aim to,
Firms aim to
2  cards
1.2.2, 1.2.4 Demand and Supply
Define demand,
What does the law of diminishing ...,
What does the demand curve show
13  cards
1.2.3, 1.2.5 Elasticities
PED, PES, YED, XED
40  cards
1.2.6, 1.2.7 Price determination and price mechanism
When does market equilibrium occur,
What is the market clearing position,
Define surplus
12  cards
1.2.8 Consumer and producer surplus
What is consumer surplus,
What is producer surplus,
Where is consumer surplus shown o...
9  cards
1.2.9 Taxes and subsidies
What is direct taxation,
What is direct taxation,
What is indirect taxation
18  cards
1.2.10 Alternative views of consumer behaviour
What is bounded rationality,
What are the assumptions of behav...,
What are cognitive biases
12  cards
1.3.1, 1.3.2, 1.3.3, 1.3.4 Market failure
1.3.1 Types of market failure, 1.3.2 Externalities, 1.3.3 Public goods, 1.3.4 Information gaps
29  cards
1.4.1 Government intervention
Methods of government intervention,
Methods of government intervention,
Causes of government failure
32  cards
1.4.2 Government failure
Define government failure,
Causes of government failure,
Distortion of price signals
9  cards
3.3.1, 3.3.2, 3.3.3, 3.3.4 Revenues, costs and profits
3.3.1 Revenue, 3.3.2 Costs, 3.3.3 Economies and diseconomies of scale, 3.3.4 Normal profits, supernormal profits and losses
6  cards

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9ec0 a-level microeconomics

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