econ micro yr 12

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By: rofiah ahmed
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Decks in this class (12)

Nature and purpose of economic activity and scarcity, choice and allocation of resources
What is the purpose of economic a...,
Define a need vs a want 2,
State the basic economic problem 3
9  cards
Production possibility diagrams
What does a ppf show 1,
State the law of diminishing retu...,
Give three causes of an outward p...
13  cards
Demand
Define effective vs latent demand 1,
Define joint complementary compet...,
What is the difference between in...
7  cards
Price elasticity of demand (PED)
Define ped and give the formula 1,
Classify inelastic elastic unitar...,
How does ped vary along a linear ...
6  cards
Income elasticity (YED) & Cross elasticity (XED)
Define yed and formula 1,
Sign of yed for normal vs inferio...,
Uses of yed 3
7  cards
supply and the market
Define joint supply individual su...,
State the law of supply 2,
Define extension vs contraction i...
5  cards
Price elasticity of supply (PES)
Define pes and give the formula 1,
Classify inelastic elastic unitar...,
What pes does any straight line s...
5  cards
Market: shifts in demand & supply and interrelated markets
If supply of a good shifts left w...,
If supply shifts right what happe...,
How does composite demand link ma...
5  cards
Functions of price and consumer & producer surplus
Name the three functions of prices 1,
Give one example of each price fu...,
When might price functions fail 3
5  cards
Production & productivity; specialisation, division of labour & exchange
What is production 1,
Define the short run 2,
Define labour productivity and to...
12  cards
Economic systems: free market economies
What defines a free market economy 1,
Name five advantages of free mark...,
Summarise adam smith s invisible ...
6  cards
Economic systems: command & mixed economies
In a command economy who allocate...,
Name five advantages of command e...,
How did marx view capitalism vs c...
7  cards

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econ micro yr 12

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