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9EC0 A-Level Microeconomics A Theme 1

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 (19)

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 2,
What does a point on the ppf repr...
10  cards
1.1.5 Specialisation and the division of labour
Define specialisation and the div...,
Define specialisation 2,
Define the division of labour 3
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 1,
Firms aim to 2
2  cards
1.2.2, 1.2.4 Demand and Supply
Define demand 1,
What does the law of diminishing ...,
What does the demand curve show 3
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 1,
What is the market clearing posit...,
Define surplus 3
12  cards
1.2.8 Consumer and producer surplus
What is consumer surplus 1,
What is producer surplus 2,
Where is consumer surplus found o...
9  cards
1.2.9 Taxes and subsidies
Define taxation 1,
What is direct taxation 2,
What is indirect taxation 3
18  cards
1.2.10 Alternative views of consumer behaviour
What is bounded rationality 1,
What are the assumptions of behav...,
What are cognitive biases 3
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
Define government intervention 1,
Methods of government intervention 2,
Why do governments impose indirec...
31  cards
1.4.2 Government failure
Define government failure 1,
Causes of government failure 2,
Distortion of price signals gover...
9  cards
3.1.1, 3.1.2, 3.1.3 Business growth
3.1.1 Sizes and types of firms, 3.1.2 Business growth, 3.1.3 Demergers
29  cards
3.2.1 Business objectives-
Different business objectives 1,
Profit maximisation 2,
How can firms make more profit 3
6  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
14  cards
3.4.1 Efficiency
Efficiency 1,
Types of efficiencies 2,
Allocative efficiency 3
6  cards
3.4.2, 3.4.3 Competition
3.4.2 Perfect competition, 3.4.3 Monopolistic competition
8  cards

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9EC0 A-Level Microeconomics A Theme 1

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