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Lewis Scholes
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Decks in this class (48)
Lesson one-Economics as a social science
What is economics,
Economics is a social science wha...,
Why is economics regarded as a so...
10
cards
Lesson 2- The basic economic problem
What are the 4 factors of production,
Define the factor land,
Define the factor enterprise
7
cards
lesson 3 - introduction to production possibility frontier
Define the term opportunity cost,
What are the four things that a p...,
An example of cars and bikes is u...
4
cards
Lesson 4 - production possibility frontier
If an economy is on the curve how...,
What is the problem if an economy...,
In terms of the production possib...
13
cards
Lesson 6 - Productivity and different types of goods
Define the term consumer goods,
Give an example of a consumer good,
Define the term capital good
14
cards
Types of economies
List the 4 types of economies,
Give three advantages of a comman...,
Give two disadvantages of a comma...
5
cards
Smith-Lesson 9
Which book did adam smith write,
Which type of economy did adam sm...,
Which feature did adam smith beli...
11
cards
Lesson 7 - Productivity
What the first reason why product...,
Give the second reason why produc...,
Give the third reason why product...
10
cards
Marx-Lesson 9
Who did marx think the economy sh...,
What was marx a critic of,
What did marx think a free market...
8
cards
Lesson 8 -types of economy
Define the term traditional economy,
Define the term command economy,
What is a free market economy
22
cards
Hayek-lesson 9
What was hayek a supporter of,
What was hayek a critic of,
What did hayek believe the govern...
5
cards
Lesson 11 - Function of money
What is the first function of money,
What is the second function of money,
What is the third function of money
4
cards
Lesson 10 - Specialisation and the division of labour
Why does productivity matter,
Give an advantage of specialisation,
Give another example of specialis...
15
cards
Demand
Define demand,
What are the three types of demand,
What is effective demand
7
cards
Movements in the demand curve?
What factors can cause the demand...,
How does income effect demand,
How does a change to the populati...
6
cards
Price Elasticity of Demand
What does price elasticity of dem...,
When measuring price elasticity o...,
When measuring price elasticity o...
7
cards
Income elasticity of demand
What does income elasticity of de...,
What does the sign positive or ne...,
What does the size of the number ...
11
cards
Cross price elasticity of demand
What does cross price elasticity ...,
What does the sign positive or ne...,
What does the size of the answer ...
10
cards
Price Elasticity of Supply
What does price elasticity of sup...,
When calculating price elasticity...,
When calculating price elasticity...
13
cards
Elasticity - Key Equations
What is the equation for price el...,
What is the equation for income e...,
What is the equation for cross pr...
4
cards
What is market failure?
Why does a market fail,
Who suffers as a result of market...,
When is a market classified as be...
5
cards
Public goods and market failure
Why do public goods cause market ...,
If individuals had better informa...,
What would happen to the equilibr...
7
cards
Government intervention in markets
What view do governments take in ...,
What is the main role of a govern...,
What is the consequence of factor...
12
cards
Positives and negatives of taxation
Indirect taxes can target specifi...,
Tax can be used as an incentive t...,
One of the most significant advan...
7
cards
Maximum and minimum prices
What is a maximum price,
What has to happen in order for t...,
Give three examples of a maximum ...
13
cards
Government failure
When can government intervention ...,
What loss creates government failure,
If the costs of government interv...
7
cards
Organic Growth
What can organic growth can also ...,
How does organic growth occur,
Give three ways organic growth ca...
5
cards
Horizontal integration
What is horizontal integration,
Give two recent examples of horiz...,
Give two advantages of a horizont...
4
cards
Vertical Forwards and Backwards integration
What does vertical integration in...,
What is a forward vertical integr...,
What is a backward vertical integ...
7
cards
Conglomerate integration
What has a conglomerate acquired,
Give an two examples of a clonglo...,
Give four specific benefits of co...
5
cards
Demergers
What is the definition of demerger,
Give an example of a demerger,
Give two reasons for a demerger
5
cards
Business Growth
Give some examples of business gr...,
Define the term internal growth,
Define the term external growth
9
cards
Revenue
Give the equation for average rev...,
Give the equation for marginal re...,
When does maximum total revenue o...
8
cards
Price takers and Price Makers
Where do price takers operate,
Why do price takers have to accep...,
What type of demand curve do pric...
5
cards
Costs
Where are economic costs incurred,
What are the costs in the short run,
What are the costs in the long run
11
cards
Short run cost curves
How can changes in the unit costs...,
How can a depreciation in the exc...,
What advances in technology cause...
4
cards
Market Structures - Economic efficiency
When does allocative efficiency o...,
Define the term efficiency,
What is the main condition requir...
14
cards
Market Structures - Perfect Competition
How many firms are likely in a pe...,
What type of product is available...,
What are barriers to entry and ex...
9
cards
Market Structures - Monopolistic competition
How many firms are likely to exis...,
What is the nature of the product...,
What are barriers to exit and ent...
8
cards
Market Structures - Oligopoly
Number of firms likely to exist i...,
What products are available in an...,
What are entry barriers like in a...
13
cards
Market Structures - Monopoly
Number of firms likely in a monop...,
What s the nature of product avai...,
Are there significant barriers to...
13
cards
Market Structures - Monopsony
What does a monopsony have,
What does the buying power that a...,
Give three examples of monopsony s
6
cards
Market Structures - Contestable markets
How many firms are likely to exis...,
What are the products available t...,
Are there significant barriers to...
10
cards
Demand for Labour
Give two factors which affect the...,
What could a fall in the wage rat...,
Give three causes for a shift in ...
9
cards
Supply of Labour
Give four factors which cause shi...,
Give two non economic factors as ...,
What does elasticity of labour su...
8
cards
Wage determination in competitive and non competitive markets
At which intersection is the equi...,
Give two key factors as to why wa...,
What is a gig economy
23
cards
Government intervention in product markets
What body ensures mergers and tak...,
Give three roles of industry regu...,
What type of judgement does price...
16
cards
The impact of government intervention
Give two arguments for an energy ...,
Give an argument against imposing...,
Give two limits to government int...
5
cards
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