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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 1,
Ceteris paribus 2,
Economic assumptions 3
6  cards
Positive and Normative Economic Statements
Normative statement 1,
Positive statement 2,
Value judgement 3
3  cards
The Economic Problem
Barter 1,
Fundamental economic problem 2,
Constraints 3
23  cards
Production Possibility Curves (PPC)
Allocative efficiency 1,
Capital goods 2,
Concave ppf 3
10  cards
Specialisation and Division of Labour
Adam smith 1,
Alienation 2,
Division of labour 3
11  cards
Free, Command and Mixed Economies
Adam smith 1,
Capitalist economy 2,
Command economy 3
12  cards
Rational Decision Making
Behavioural economics 1,
Incentives 2,
Income 3
9  cards
Demand
Consumer goods and services 1,
Demand 2,
Demand curve 3
9  cards
Price, Income and Cross Elasticities of Demand
Complements 1,
Cross price elasticity of demand 2,
Derived demand 3
17  cards
Supply
Competitive supply 1,
Excess supply 2,
Law of supply 3
7  cards
Elasticity of supply
Elastic supply 1,
Elasticity of supply 2,
Inelastic supply 3
4  cards
Price Determination
Equilibrium 1,
Disequilibrium 2,
Excess demand 3
6  cards
Price Mechanism
Incentives 1,
Price mechanism 2,
Price signals 3
5  cards
Consumer and Producer Surplus
Community surplus 1,
Consumer surplus 2,
Producer surplus 3
3  cards
Indirect Tax and Subsidies
Ad valorem tax 1,
Alcohol duties 2,
Black market 3
12  cards
Alternative Views of Consumer Behaviour
Behavioural economics 1,
Computational weakness 2,
Habitual consumption 3
4  cards
Types of Market Failure
Externalities 1,
Information gap 2,
Market failure 3
4  cards
Externalities
Deadweight loss 1,
External benefit 2,
External cost 3
23  cards
Public Goods
Excludability 1,
Free rider problem 2,
Global public goods 3
9  cards
Information gaps
Asymmetric information 1,
Information failure 2,
Symmetric information 3
3  cards
Government Intervention in Markets
Government information 1,
Maximum price 2,
Minimum price 3
10  cards
Government Failure
Government failure 1,
Net welfare loss 2,
Regulatory capture 3
4  cards

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AQA AS Micro-Economics

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