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Econ AL- LS Flashcards

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

By: Jayan Chavda
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Decks in this class (36)

T1: LS1 - The Economic Problem
Define economics,
Define an economy,
What are the four factors of prod...
10  cards
T1: LS2 - Economics As A Social Science
What are models and why are they ...,
Define ceteris paribus
2  cards
T1: LS3 - PPF
Opportunity cost definition,
How do consumers use oc,
How are producers impacted by oc
19  cards
T1: LS4 - Normative And Positive
Positive statements,
Normative statements,
What are value judgements
4  cards
T1: LS5 - Specialisation, DOL and Money
What is the specialisation of labour,
What are the benefits and disadva...,
What is the definition of the div...
8  cards
T1: LS6 - Economy Types
Define command economy,
Define free market economies,
Define mixed economies
12  cards
T1: LS7 - Decisions
What is the problem with predicti...,
What are the two solution methods...,
Define deduction
10  cards
T1: LS8 - Demand
Define demand,
Where is demand met best,
What is the law of demand
16  cards
T1: LS9 & LS10 - Supply & Price Determination
Define supply,
What is the law of supply,
What causes extensions in supply
15  cards
T1: LS11 - Taxes And Subsidies
Define taxes,
Define direct taxes,
Define an indirect tax
19  cards
T1: LS12 - Elasticity
0  cards
T1: LS13 - Consumer And Producer Surplus
0  cards
T1: LS14 - Diminishing Marginal Utility
0  cards
T1: LS15 -XED/YED
0  cards
T1: LS16 - Price Mechanism
0  cards
T1: LS17 - Externalities
Market failure definition,
External costs,
External benefits
10  cards
T1: LS18 - Public Goods
0  cards
T1: LS19 - Information Gaps
0  cards
T1: LS20 - Max And Min Prices
Maximum price meaning,
Minimum price definition,
Benefits of minimum prices
6  cards
T1: LS21 - Trade Pollution Permits
0  cards
T1: LS22 - Regulation
0  cards
T1: LS23 - Government Falure
0  cards
T2: LS1 - Intro To Macro-economics
0  cards
T2: LS2 - Measures Of Economic Performance
0  cards
T2: LS3 - Aggregate Demand
Aggregate demand definition,
What are the components of ad,
What causes contractions and exte...
34  cards
T2: LS4 - Aggregate Supply
0  cards
T2: LS5 - Circular Flow
0  cards
T2: LS6 - AD/AS
0  cards
T2: LS7 - The Multiplier
0  cards
T2: LS8 - Inflation
0  cards
T2: LS9 - Employment & Balance Of Payments
Define employment,
Define unemployment,
Claimant count definitions
5  cards
T2: LS10 - Economic Growth
0  cards
T2: LS11 - Macroeconomic Objectives
Define unemployment,
Economically inactive definition,
Define discouraged workers
8  cards
T2: LS12 - Demand-side Policies
0  cards
T2: LS13 - Supply-side Policies
0  cards
T2: LS14 - Conflicts And Trade-off Between Macroeconomic Objectives
0  cards

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Econ AL- LS Flashcards

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