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Decks in this class (15)
1.2.1 - Rational Decision Making
State the underlying assumptions ...,
State the problem and solution in...,
What is a deductive approach 3
12
cards
1.2.2 - Demand
Define demand 1,
What does a demand curve show 2,
What is a movement along a demand...
12
cards
1.2.4 Supply
Define supply 1,
What causes movements along the s...,
What causes shifts of the supply ...
7
cards
PED
Define derived demand 1,
Effective demand 2,
Joint demand 3
23
cards
PES
Define price elasticity of supply 1,
Define price elastic 2,
Define price inelastic 3
15
cards
Income Elasticity of demand
Define income elasticity of demand 1,
Formula for yed 2,
Define inferior good 3
17
cards
price mechanism
State three functions of the pric...,
Define price mechanism 2,
Describe incentive function 3
7
cards
1.3.1 - Types of market failure
Define market failure 1,
State three types of market failu...,
Describe externalities 3
7
cards
1.3.2 - Externalities
Define external cost 1,
Define external benefit 2,
Define private cost 3
12
cards
1.3.3 - Public goods
Define merit goods 1,
Define non rival 2,
Define non excludable 3
16
cards
1.3.4 - Information gaps
Define perfect information 1,
Define symmetric information 2,
Define imperfect information 3
14
cards
1.4.1
Define maximum price 1,
Define minimum price 2,
What are maximum and minimum pric...
17
cards
1.4.1b
Define limit 1,
How do pollution permits work 2,
How are pollution permits traded 3
20
cards
1.4.2
What is government failure seen as 1,
Define government failure 2,
State 4 potential causes of gover...
12
cards
1.4.1b2
How does regulation aim to correc...,
Cons of regulation 2,
What is a guaranteed minimum pric...
11
cards
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Econ Theme 1
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