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Econ Theme 1: Introduction to Markets and Market Failure

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

By: Yusuf Hamid
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Decks in this class (15)

LS1 Economics, Economy, Goods, Services
What is the economy,
What is the difference between a ...,
What are the factors of production
16  cards
LS2 Models In Economics
How do economists explain how the...,
How easy is it for economists to ...,
How do economists overcome the is...
4  cards
LS3 - Opportunity Cost
What is opportunity cost,
What are the 3 uses of opportunit...,
What is dynamic pricing
17  cards
LS4 - Positive and Normative Statements
What are positive economic statem...,
What is a normative economic stat...,
What do governments do when decis...
3  cards
LS5 - Specialisation
What is specialisation,
Why does specialisation allow ind...,
What is the uk specialised in
16  cards
LS6 - Economic Systems
What is planning according to eco...,
What is a market,
What is the price mechanism
25  cards
LS7 The Role Of The State In An Economy
What is the state made up of,
What is the government,
What is the difference between a ...
12  cards
LS8 - Demand
What is demand,
Why is the public sector more eff...,
Why do consumers fail to make rat...
14  cards
LS9 - Supply
What is revenue what is the equat...,
What is supply,
What does the law of supply state
13  cards
LS10 - Price Determination
What is excess demand,
What is excess supply,
What is equilibrium price
9  cards
LS11 - Taxes And Subsidies
What is direct tax,
What is an indirect tax,
What is specific tax
17  cards
LS12 - Price Elasticity of Demand
What is price elasticity of demand,
When is demand price elastic,
When is demand price inelastic
25  cards
LS13 - Price Elasticity of Supply
What is the price elasticity of s...,
When is supply price elastic,
When is supply price inelastic
20  cards
Consumer Surplus and Producer Surplus
What is consumer surplus,
What is producer surplus,
Where is consumer producer surplu...
14  cards
XED and YED
What is the formula for xed,
What is the cross price elasticit...,
What does it mean if xed is positive
5  cards

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Econ Theme 1: Introduction to Markets and Market Failure

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