This class was created by Brainscape user Red in the clouds. Visit their profile to learn more about the creator.

Decks in this class (11)

Unit 1.A - the economic problem and its applications
- What is economics? - What is the economic problem? - What are wants? - What is an opportunity cost? - Production possibility frontiers (PPF) - Cost benefit analysis (CBA) - What do individuals, businesses, governments want to maximise?
16  cards
Unit 1.B - Economic Systems
- Factors of production - Returns on the factors of production - Defining economic systems: the four basic questions - Extreme planned vs free-market economic systems - Mixed-market economic system - Intro to circular flow of income model - intro to the business cycle
19  cards
Unit 1.C - Microeconomics: Markets
- Law of demand and law of supply - Non-price factors of demand and supply - Movements of demand and supply: --> Increase, decrease, expansion, contraction - Dis/Equilibrium (oversupply + undersupply) - Market clearing - Perfect competition - Value vs cost vs price - The price mechanism - Price elasticity of demand - Product vs factor markets - How markets solve the economic problem - Impacts of government interventions
16  cards
Unit 1.D - Market Failure + Govt. Intervention in the Market
No deck description has yet been added by the author.
50  cards
Unit 2.A - Introduction to Key Concepts
- Total spending, total output, total input as part of the circular flow of income model - The business cycle - Aggregate Demand - Aggregate Supply - Macroeconomic equilibrium
17  cards
Unit 2.B - Role of Govt
No deck description has yet been added by the author.
7  cards
Unit 2.C - Major Economic Issues
- Economic growth + GDP + Recent data + Economic growth + Determinants of economic growth + Costs and benefits of economic growth + The multiplier effect - Labour and unemployment + Related terminology + Recent data + Types of unemployment + Changing trends in unemployment + Impacts of unemployment - Inflation + CPI + Recent data + Costs of high and low inflation + Benefits of inflation + Types of inflation
59  cards
Unit 2.D - Major Economic Tools/Solutions
see sticky note this won't save
41  cards
Unit 3.A - Globalisation
No deck description has yet been added by the author.
5  cards
Unit 3.B - Intro to trade
No deck description has yet been added by the author.
21  cards
Unit 3.C - Exchange rates and BoP
No deck description has yet been added by the author.
42  cards

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economics

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