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AQA AS Micro-Economics

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

By: oskar rejent
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Decks in this class (22)

Nature of Economics
Behavioural economics,
Ceteris paribus,
Economic assumptions
6  cards
Positive and Normative Economic Statements
Normative statement,
Positive statement,
Value judgement
3  cards
The Economic Problem
Barter,
Fundamental economic problem,
Constraints
23  cards
Production Possibility Curves (PPC)
Allocative efficiency,
Capital goods,
Concave ppf
10  cards
Specialisation and Division of Labour
Adam smith,
Alienation,
Division of labour
11  cards
Free, Command and Mixed Economies
Adam smith,
Capitalist economy,
Command economy
12  cards
Rational Decision Making
Behavioural economics,
Incentives,
Income
9  cards
Demand
Consumer goods and services,
Demand,
Demand curve
9  cards
Price, Income and Cross Elasticities of Demand
Complements,
Cross price elasticity of demand,
Derived demand
17  cards
Supply
Competitive supply,
Excess supply,
Law of supply
7  cards
Elasticity of supply
Elastic supply,
Elasticity of supply,
Inelastic supply
4  cards
Price Determination
Equilibrium,
Disequilibrium,
Excess demand
6  cards
Price Mechanism
Incentives,
Price mechanism,
Price signals
5  cards
Consumer and Producer Surplus
Community surplus,
Consumer surplus,
Producer surplus
3  cards
Indirect Tax and Subsidies
Ad valorem tax,
Alcohol duties,
Black market
12  cards
Alternative Views of Consumer Behaviour
Behavioural economics,
Computational weakness,
Habitual consumption
4  cards
Types of Market Failure
Externalities,
Information gap,
Market failure
4  cards
Externalities
Deadweight loss,
External benefit,
External cost
23  cards
Public Goods
Excludability,
Free rider problem,
Global public goods
9  cards
Information gaps
Asymmetric information,
Information failure,
Symmetric information
3  cards
Government Intervention in Markets
Government information,
Maximum price,
Minimum price
10  cards
Government Failure
Government failure,
Net welfare loss,
Regulatory capture
4  cards

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AQA AS Micro-Economics

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