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Lucy Marray
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Decks in this class (41)
Micro-Basic economic problem:What is an economy
What is an economy 1,
What are the factors of productio...,
Define labour 3
10
cards
Micro-Basic economic problem: social science
What is the basic economic proble...,
What is the study of ecomics fund...,
Why do econmoists build models 3
15
cards
Micro-Basic economic problem: Positive & normative economic statements
What role do economists have with...,
What is a positive statement 2,
What is a normative statement 3
5
cards
Micro- economic problem: PPF ( some micro)
Define ppf 1,
When is the ppf a straight line 2,
What is the law of diminishing re...
26
cards
Micro-Measuring economic performance: Specialisation
What is specialisation 1,
What are the benefits of speciali...,
Explain the benefits consequences...
19
cards
Micro-Measuring economic performance: Division of Labour
Define division of labour 1,
Explain the advantages of worker ...,
Explain the benefits of specialed...
5
cards
Macro: Economic growth-GDP
Define human capital 1,
What equation shows the nature of...,
What is the expenditure method 3
12
cards
Macro: GDP-How to make comparisons between countries?
What does gdp per capita adjusted...,
Why is gdp per capita adjusted for 2,
Define gni 3
22
cards
Macro: Economic growth
Define an economic indicator 1,
Define policy objective 2,
What are the 4 main microeconomic...
21
cards
Micro: Money
What are the function of money 1
1
cards
Macro-inflation
Define price level 1,
Define inflation 2,
Define deflation 3
33
cards
Micro: demand-consumer surplus
Define consumer surplus 1,
How do you do you find consumer s...
2
cards
Micro:Demand
Define demand 1,
When we define demand we are talk...,
When is demand effective 3
16
cards
Micro:Elasticity-Price Elasticity of Demand
Blank 1,
How is the coefficient of price e...,
What is the typical coefficient o...
26
cards
Macro:Price Elasticity of Demand (PED)(1.2.4)
What does price elasticity of dem...,
What is the basic formula for cal...,
What is the typical coefficient o...
22
cards
3.4 Price Elasticity of Supply
What is price elasticity of suppl...,
What is the formula for calculati...,
Define elastic supply 3
20
cards
3.3 Cross Price Elasticity of Demand (XED)
What is cross price elasticity of...,
What happens to the demand for a ...,
What is the value of xed for two ...
19
cards
3.2 Income Elasticity of Demand (YED)
What is the formula for calculati...,
What does income elasticity of de...,
If change in income is 50 and cha...
22
cards
3.1.2 Economic Growth Causes
Who is primarily responsible for ...,
What is short run economic growth...,
What can cause short run economic...
35
cards
Inflation- Causes
What is inflation 1,
What is the difference between de...,
How do we measure inflation in th...
32
cards
Inflation Impact
What is high inflation 1,
Who are typically the losers duri...,
Who can be considered winners dur...
15
cards
Deflation
What is deflation 1,
What happens to the rate of infla...,
What are two factors contributing...
19
cards
3.3.2 Unemployment Impacts
0
cards
Glossary
0
cards
Micro: 1.1.6 Free market economies, mixed economy and command economy
What are the different types of e...,
What is a free market economy 2,
What is a mixed economy 3
9
cards
Micro: 1.2.1 Rational decision making
What do consumers aim to maximise 1,
What do firms aim to maximise 2,
What assumptions are made in supp...
3
cards
Micro: 1.2.2 Demand
What is demand 1,
What does a demand curve show 2,
What is the slope of the demand c...
11
cards
Micro: 1.2.3 Price, income and cross elasticities of demand
What does price elasticity of dem...,
What does income elasticity of de...,
What does cross price elasticity ...
19
cards
Micro: 1.2.4 Supply
What does supply refer to 1,
What does the supply curve show 2,
Why does the supply curve slope u...
5
cards
Micro: 1.2.5 Elasticity of supply
What does price elasticity of sup...,
How is pes calculated 2,
What does a steep supply curve in...
10
cards
Micro: 1.2.6 Price determination
What determines the equilibrium p...,
What happens if the price is abov...,
What occurs if the price is below...
12
cards
Micro: 1.2.7 Price mechanism
What is the function of rationing...,
What role does incentive play in ...,
How does signaling function in th...
4
cards
Micro: 1.2.8 Consumer and producer surplus
What is consumer surplus 1,
What is producer surplus 2,
How is consumer surplus illustrat...
6
cards
Micro: 1.2.9 Indirect taxes and subsidies
What happens to supply when a spe...,
What does the dark grey area repr...,
What does the lighter grey area r...
13
cards
Micro: 1.2.10 Alternative views of consumer behaviour
What do some behavioural economis...,
How do consumer decisions often g...,
What real markets can be used to ...
4
cards
Micro: 1.3.1 Types of market failure
What is market failure 1,
What should students be introduce...
2
cards
Micro:1.3.2 Externalities
What are external costs 1,
What is an example of external co...,
What is the formula for social co...
12
cards
Micro: 1.3.3 Public goods
What are public goods 1,
What does non rival mean 2,
What does non excludable mean 3
7
cards
Micro: 1.3.4 Information gaps
What is perfect and symmetric inf...,
What is asymmetric information 2,
What are examples of imperfect in...
3
cards
Micro 1.4.1 Government intervention in markets
What effect does taxation have on...,
What is an ad valorem tax 2,
What is a specific tax 3
17
cards
Micro:3 Public Goods
What are public goods 1,
Define non excludability 2,
Define non rivalry 3
22
cards
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