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Ibby Al Dabbas
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Decks in this class (22)
1.1.1 Economics As A Social Science
Economic model,
Ceteris parabus
2
cards
1.1.2 Positive And Normative Economic Statements
Positive economics,
Normative economics,
Positive statements
4
cards
1.1.3 The Economic Problem
The problem of scarcity,
Limited resources,
Unlimited wants
7
cards
1.1.4 Production possibility frontiers
Production possibility frontier ppf,
Opportunity cost,
Marginal analysis
11
cards
1.1.5 Specialisation and the division of labour
Specialization,
Division of labor,
Adam smith s
11
cards
1.1.6 Free market economies, mixed economy and command economy
Free market economy,
Command economy,
Mixed economy
7
cards
1.2.1 Rational decision making
What do we assume when making s d...,
Bounded rationality,
What are the limits which cause b...
4
cards
1.2.2 Demand
Demand definition,
Effectuve,
Relationship between qd and p
5
cards
1.2.3 Price, income and cross elasticities of demand
Elastic vs inelastic,
What does ped tell us,
Price is elastic when
10
cards
1.2.4 Supply
Supply,
Joint supply,
Competitive supply
5
cards
1.2.5 Elasticity of supply
What does pes tell us,
Formulae for pes,
What values can you get for pes
4
cards
1.2.6 Price determination
Effective demand,
Effective supply,
Complementary goods eg
8
cards
1.2.7 Price mechanism
What does price mechanism refer to,
What are the 3 price mechanisms a...
2
cards
1.2.8 Consumer and producer surplus
0
cards
1.2.9 Indirect taxes and subsidies
0
cards
1.2.10 Alternative views of consumer behaviour
0
cards
1.3.1 Types of market failure
What is market failure,
Causes of market failure,
What is regulatory capture
3
cards
1.3.2 Externalities
0
cards
1.3.3 Public goods
0
cards
1.3.4 Information gaps
0
cards
1.4.1 Government intervention in markets
0
cards
1.4.2 Government failure
0
cards
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Economics
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