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By:
Sarah Gahan
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Decks in this class (35)
M 1.1
What is economics,
What are positive economic statem...,
What are normative economic state...
45
cards
M 1.1 Macroeconomic Indicators + gov objectives
What is economic growth,
What is gross domestic product,
What are the benefits of economic...
97
cards
M 1.2 Index Numbers
Why are index numbers useful,
What is an index number,
Index number formula
7
cards
M 2.1 Circular Flow of Income
What is investment,
What is consumption,
What three terms all refer to the...
39
cards
M 2.2 Aggregate demand
What is aggregate demand,
Formula for ad,
What are the five componants of a...
75
cards
M 2.3 Short run aggregate supply
What is the assumption for short ...,
What is as,
What is sras
20
cards
2.4 Long run aggregate supply
What does long run mean,
When does lras shift,
Factors effecting lras
11
cards
3.1 Economic growth and cycle
What is the economic cycle,
What two ways do fluctuations in ...,
What are seasonal fluctuations
43
cards
3.2 Employment and Unemployment
What is the claimant count,
What is the labour force survey,
What is long term unemployed
43
cards
3.3 Inflation and Deflation
What was inflation and deflation ...,
What was inflation rate like thro...,
What was inflation like after 2008
43
cards
Balance of Payment
What is the bop,
What are inflows of foreign curre...,
What are outflows of foreign curr...
33
cards
Conflicts between macroeconomic policy objectives
Explain how economic growth and i...,
Evalutation of economic growth vs...,
Explain how economic growth and b...
8
cards
Monetary Policy
Define monetary policy,
What is expansionary monetary policy,
Breifly explain deflationary mone...
23
cards
Fiscal Policy
Define fiscal policy,
What is a budget balance,
What are the two types of tax
19
cards
Supply Side Policy
Supply side policies definition,
What will a successful supply sid...,
What is the purpose of supply sid...
17
cards
Monetary Policy
What is the monetary policy objec...,
What is the monetary policy instr...,
What is an inflation rate target
14
cards
MACRO DEFINITIONS
Macroeconomy,
Macroeconomic objectives,
Gdp
43
cards
MICRO DEFINITIONS
Factors of production,
What is land,
What is labour
50
cards
1.1 Economic methodology and price determination
Define economics,
What does each society have to de...,
What is opportunity cost
20
cards
2.1 Supply
What is supply,
What is the law of supply,
What does conditions of supply mean
5
cards
2.2 Market equilibrium
What is disequilibrium,
What is equilibrium,
What is the intersection of deman...
12
cards
2.3 Price Elasticity of Demand
Define price elasticity of demand,
Ped formula,
Explain the graph and reason for ...
22
cards
2.4 Indirect taxes and subsidies
What is direct tax,
Examples of direct tax,
What is indirect tax
11
cards
2.5 Income and cross elasticity of demand
Define yed,
Yed formula,
What are the four types of goods
24
cards
2.6 Price elasticity of Supply
Define pes,
Pes formula,
What value is pes always
16
cards
3.1 Market Failure
Market failure is when the price ...,
What are the two types of market ...,
What is complete market failure
25
cards
3.2 The Market mechanism
Define externalities,
What do externalities cause,
What are private costs
25
cards
3.4 Positive externalities in consumption and production
When do positive externalities occur,
Explain the reltionship between t...,
What are some exmaples of externa...
10
cards
3.5 Merit and Demerit goods
What are merit goods,
Who provides merit goods,
Why are merit goods underconsumed
17
cards
Market Imperfections
What does factor immobility lead to,
What is factor immobility,
What are the two types of factor ...
40
cards
Costs of Production + economies of scale
What is the short run,
What is the long run,
In the short run what does a firm...
27
cards
Production, Productivity, specialisation and division of labour
What are the four factors of prou...,
What is the return on land,
What is the return on labour
30
cards
government failure
When does government failure occur,
What are the three things that ca...,
When can government failure happen
13
cards
Revenue and Profit
Business revenue definition,
Total revenue,
When will business revenues rise
34
cards
Competitive markets and monopolies
What are the four assumptions for...,
Key points about producers in per...,
Explain the assumption of identic...
23
cards
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economics a-level
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A-Level Economics
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