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By:
Neel Saraf
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Decks in this class (40)
1.1 - Nature of economic problem + types of goods
Public goods 1,
Free goods 2,
Economic goods 3
9
cards
1.2 Production
What are factors of production 1,
Land 2,
Labour 3
16
cards
1.3 + 1.4 Opportunity cost and PPC
Opportunity cost 1,
Ppc 2,
Points inside a ppc 3
9
cards
2.2: Allocation of resources
Economic system 1,
Market economies 2,
Planned economic systems 3
9
cards
2.3 Demand
Demand 1,
Quantity demanded 2,
Individual demand 3
16
cards
2.4 Supply
Supply 1,
Law of supply 2,
Quantity supplied 3
10
cards
2.7 PED
Ped formula 1,
Ped 2,
Types of ped 3
17
cards
2.8 PES
What is pes 1,
Pes formula 2,
Determinants of pes 3
10
cards
2.9 Market economic system
What is a market economic system 1,
What is the price mechanism 2,
Advantages of a market economic s...
5
cards
2.10 Market Failure
When does a market failure occur 1,
2 types of market failure 2,
Consequences of market failure 3
18
cards
2.11 - Mixed economic systems + government intervention
What are some microeconomic polic...,
What is price ceiling 2,
What is price floor 3
18
cards
3.1 A - Money
Households 1,
What problems did money overcome 2,
Functions of money 3
19
cards
3.1 B - Banking
What is the central bank 1,
Functions of the central bank 2,
What is interest 3
33
cards
3.2 Households
What are households 1,
Functions of the households 2,
What is disposable income 3
30
cards
3.3 Workers
Methods of compensation 1,
What are wages 2,
What is salary 3
31
cards
3.4 Trade Unions
What is a trade union 1,
Employee objectives 2,
Employer objectives 3
40
cards
3.5 Firms
3 ways to classify firms 1,
What is an industrial sector 2,
What is the primary sector 3
39
cards
3.5 (B) - economies and diseconomies of scale
What are the 2 types of economies...,
What are the 5 types of internal ...,
What is marketing eos 3
20
cards
3.6 Firms and production
What is production 1,
What is productivity 2,
What is the labour productivity 3
20
cards
3.7 Firms' costs, revenues, and objectives
What are fixed costs 1,
What are variable costs 2,
What is total cost formula 3
16
cards
3.8 Market structure
What is a market structure 1,
2 types of competition 2,
2 main types of market structures 3
20
cards
4.1 + 4.2 Roles of Govt
2 main roles of the govt 1,
What are the roles of a govt as a...,
3 types of public sector employme...
25
cards
4.3 Taxation
What is a budget govt 1,
What is a balanced budget 2,
What is a budget surplus 3
42
cards
4.3 fiscal policy
What is fiscal policy 1,
What are the 2 types of fiscal po...,
What is expansionary fiscal policy 3
10
cards
4.4 monetary policy
What is the definition of monetar...,
What does money supply mean 2,
What does interest rate mean 3
23
cards
4.5 supply side policy
What are supply side policies 1,
What to supply side policies aim ...,
What are the 2 broad types of sup...
29
cards
4.6 economic growth
What is gdp full form 1,
What are the 3 ways to calculate ...,
What is national output 3
27
cards
4.6 (B) Economic Recession
What is negative economic growth 1,
What is an economic recession 2,
What is economic depression 3
21
cards
4.7 employment and unemployment
What is unemployment 1,
What is full employment 2,
What is the labour force 3
39
cards
4.8 inflation and deflation
Def of inflation 1,
Def of deflation 2,
What are the 2 causes of inflation 3
26
cards
4.8 (2) CPI
How is inflation measured 1,
Formula for cpi 2,
What is the cpi for the base year 3
4
cards
5.1 Economic Development
Define economic development 1,
What are the 4 types of economies 2,
What are the different characteri...
15
cards
5.2 Living standards
Gpd per capita formula 1,
What does gdp per capita show 2,
What happens if population growth...
12
cards
5.3 poverty
Define absolute poverty 1,
How is absolute poverty measured 2,
Define relative poverty 3
16
cards
5.4 population
Define population 1,
3 main factors that impact popula...,
Define birth rate how is it expre...
35
cards
6.2 Globalisation + free trade
Define globalization 1,
Define an mnc full form 2,
Adv of mncs to home country of th...
27
cards
6.1 specialisation
Definition of specialisation 1,
Define absolute advantange 2,
Define comparative adv 3
10
cards
6.3 forex rate
Define forex rate 1,
How is forex rate determined 2,
What is the equilibrium forex rate 3
31
cards
6.4 - Current Account of Balance of Payments
Define the balance of payments 1,
3 accounts of the balance of paym...,
What does the current account rec...
13
cards
Eco Definitions
Economic problem 1,
Land 2,
Labour 3
39
cards
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Eco
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