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By:
Kit Hogan
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Decks in this class (23)
1.1.1 Economics as a social science
Social science 1,
Ceteris paribus 2
2
cards
1.1.2 Positive and Normative statements
Positive statement 1,
Normative statement 2,
Role in policy making 3
3
cards
1.1.3 The economic problem
The economic problem 1,
Opportunity cost 2,
Economy 3
7
cards
1.1.4 PPF
Ppf 1,
Factors shifting ppf outwards 2,
Factors shifting ppf inwards 3
5
cards
1.1.5 Specialisation and division of labour
Specialisation 1,
Division of labour 2,
Advantages increased productivity 3
14
cards
1.1.6 Free market economics, mixed economy and command economy
Free market economy 1,
Advantages free market economy 2,
Disadvantages free market economy 3
10
cards
1.2.1 Rational decision making
Blank 1
1
cards
Demand
Demand 1,
Derived demand 2,
Composite demand 3
4
cards
Shifting the demand curve
Population 1,
Income 2,
Substitutes 3
7
cards
1.2.3 Price, income, and cross elasticities of demand
Price elasticity of demand ped 1,
Formula ped 2,
Elastic ped 3
20
cards
1.2.4 Supply
Supply 1,
Upward sloping 2,
1 productivity factors that shift...
9
cards
1.2.5 Elasticity of supply
Price elasticity of supply pes 1,
Formula 2,
Relatively elastic pes 3
12
cards
1.2.6 Price determination
Market 1,
Price equilibrium 2,
Excess demand 3
4
cards
1.2.7 Price mechanism
Price mechanism 1,
Signalling function 2,
Incentive function 3
4
cards
1.2.7 Consumer and producer surplus
Consumer surplus 1,
Producer surplus 2,
Consumer surplus and price elasti...
4
cards
1.2.9 Indirect taxes and subsidies
Indirect tax 1,
Subsidies 2
2
cards
1.2.10 Alternative views of consumer behaviour
Rational consumer behaviour 1,
Rational firm behaviour 2,
Alternative views of consumer beh...
5
cards
1.3.1 Types of market failure
Market failure 1,
Types of market failure externali...,
Types of market failure 3
4
cards
1.3.2 Externalities
Private costs 1,
Private benefits 2,
External costs 3
10
cards
1.3.3 Public goods
Public goods 1,
Non rival 2,
Non excludable 3
4
cards
1.3.4 Information gaps
Symmetric information 1,
Asymmetric information 2,
Imperfect market information or i...
5
cards
1.4.1 Government intervention
Indirect tax 1,
Indirect taxation advantages 2,
Indirect taxation disadvantages 3
22
cards
1.4.2 Government failure
Government failure 1,
Causes of government failure dist...,
Causes of government failure unin...
5
cards
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ECO - Theme - 1
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