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Muhammad Rafay
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Decks in this class (50)
1.1 Scarcity, Choice and Opportunity cost
What is the basic economic problem,
What is opportunity cost,
Who is opportunity cost important to
5
cards
1.2 Positive and Normative statements
What are positive statements,
What words should you look for in...,
What are normative statements
4
cards
1.3 Factors of production
What is a pneumonic to remember t...,
What is capital,
What is enterprise
12
cards
1.4 Resource allocation in different economics systems
What is a free market economy exa...,
What are the advantages of a free...,
What are the disadvantages of a f...
12
cards
1.5 Production Possibility Curves
What is a production possibility ...,
What does a movement along the pp...,
What does a shift of the ppf curv...
8
cards
1.6 Classification of Goods and Services
What is a free good,
What is a public good,
What is non excludable
9
cards
2.1 Demand and supply curves
What is effective demand,
What is individual demand,
What is market demand
10
cards
2.2 Price elasticity, Income elasticity and cross elasticity of demand
What is price elasticity of demand,
What is a price elastic good,
What is a price inelastic ood
17
cards
2.3 Price elasticity of supply
What is price elasticity of suppl...,
What is price elastic supply what...,
What is price inelastic supply wh...
6
cards
2.4 The interaction of demand and supply / market equilibrium and disequilibrium
What is market equilibrium,
What is market disequilibrium,
What is excess demand
10
cards
2.5 Consumer and Producer surplus
What is the consumer surplus,
Where can you see it on a graph,
How does consumer surplus change
9
cards
3.2 Methods and effects of government intervention in markets
What is a maximum price,
What is the purpose of maximum pr...,
What is the problem of maximum pr...
26
cards
3.3 Addressing income and wealth inequality
What is the difference between in...,
How can you measure income and we...,
What are a few policies to redist...
6
cards
4.1 National income statistics
What is national income,
What are the ways to measure nati...,
What are real values
7
cards
4.2 Introduction to the circular flow of income
What is an open economy,
What is a closed economy,
What is the circular flow of income
11
cards
4.3 AD and AS analysis
What is ad,
What does aggregate demand measure,
What is the equation for aggregat...
20
cards
4.4 Economic Growth
What is economic growth,
What is short run economic growth,
What is long run economic growth ...
12
cards
4.5 Unemployment
Define unemployment,
What are the two measures of unem...,
What is the labour force survey
16
cards
4.6 Price stability
What is inflation,
What is disinflation,
What is deflation
18
cards
5.1 Government macro policy objectives
What are the macroeconomic object...,
What indicators tell you if an ec...
2
cards
5.2 Fiscal Policy
What is budget deficit,
What is a budget surplus,
What is national debt
13
cards
5.3 Monetary policy
What is monetary policy,
Hoe does the gov use interest rates,
How do banks purchase assets
9
cards
5.4 supply side policies
What are supply side policies,
What are the 2 types of ssp s,
What are interventionist ssp s
6
cards
6.1 The reasons for international trade
What is absolute advantage,
What is comparative advantage,
What are the benefits of free spe...
8
cards
6.2 Protectionism
What is protectionism,
What are the different tools of p...,
What are tariffs and their impact
10
cards
6.3 Current account of the balance of payments
What are the balance of payments,
What are exports,
What are imports
9
cards
6.4 Exchange rates
What is the definition of exchang...,
What is the determination of a fl...,
What is depreciation
6
cards
6.5 Policies to correct imbalances in the current account of the BOP
How do you use fiscal policy to c...,
What are the problems with using ...,
How do you use monetary policy to...
4
cards
7.1 Utility
What is the definition of total u...,
What is the definition of margina...,
What is diminishing marginal utility
7
cards
7.2 Indifference curves and budget lines
What is the meaning of an indiffe...,
What is the meaning of a budget line,
What causes a shift in the budget...
7
cards
7.3 Efficiency and market failure
What is the definition of product...,
What is the definition of allocat...,
What are the conditions of produc...
13
cards
7.4 Private costs and benefits, externalities and social costs and benefits
What is market failure,
What are some of the reasons for ...,
What is an externality
31
cards
7.5 Types of cost, revenue and profit, short run and long run production
What is the short run,
What are fixed and variable rates...,
What is marginal product
30
cards
7.6 Different market structures
What is perfect competition,
In a perfectly competitive market...,
Why are profits likely to be smal...
47
cards
7.7 Growth and survival of firms
What is a cartel,
What is a price war,
What is price leadership
28
cards
7.8 Differing objectives and policies of firms
What is the traditional theory of...,
What is the profit formula,
When do firms break even
20
cards
8.1 Gov policies to achieve efficient resource allocation and correct market failure
Indirect taxes,
Ad valorem tax,
Specific taxes
19
cards
8.2 Equity and redistribution of income and wealth
What is equity,
What is equality,
What is the difference between eq...
7
cards
8.3 Labour market forces and gov intervention
Labour being a derived demand,
What will lead to a movement alon...,
What will lead to shifts of the d...
7
cards
8.4 Gov failure in microeconomic intervention
What does gov failure result in,
What are the causes of gov failure
2
cards
9.1 The circular flow of income
What are closed and open economies,
The circular flow of income betwe...,
What is the difference between an...
12
cards
9.2 Economic growth and sustainability
What is economic growth,
What is economic development,
What is sustainability
52
cards
9.3 employment/unemployment
Labour force,
What is the natural rate of unemp...,
What is full employment
10
cards
9.4 Money and banking
What are the functions of money,
What are the characteristics of m...,
What is commodity money and fiat ...
27
cards
10.1 Govs macroeconomic policy objectives
What are govs inflation aims,
What are govs balance of payments...,
What are govs exchange rate aims
5
cards
10.2 Links between macroeconomic problems and their interconectedness
Relationship between internal and...,
Relationship between balance of p...,
Phillips curve link between unemp...
3
cards
10.3 efectivesness of policy options to meet all macro objectives
Economic growth vs inflation,
Economic growth vs the current ac...,
Economic growth vs the government...
10
cards
Econ plus dal micro notes year 1 in flashcards
What is the economic problem,
What choices have to be made base...,
What are the fop s
78
cards
Econ plus dal micro notes year 2 in flashcards
What is the law of diminishing re...,
What is the short run and long run,
What is the formula for marginal ...
80
cards
Econ plus dal macro year 1 notes
What are the macro objectives of ...,
What are the non core objectives,
What are injections into the circ...
21
cards
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