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By:
Ryan Jones
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Decks in this class (42)
The Economic Problem
What is the basic economic problem 1,
What are the four factors of prod...,
What is opportunity cost 3
5
cards
Production Possibility Curves (PPCs/PPFs)
What does a ppf show at a micro l...,
What does a ppf show at a macro l...,
What is opportunity cost in the c...
29
cards
Demand and the Demand Curve
What is the definition of demand ...,
What is effective demand 2,
What is the law of demand 3
22
cards
Supply and the Supply Curve
What is the definition of supply 1,
What is the law of supply 2,
Why does the supply curve slope u...
20
cards
Market Equilibrium & Disequilibrium
What is a market in economics 1,
What is a free market 2,
What is market equilibrium 3
20
cards
Microeconomic Equilibrium shifts
What happens when demand increase...,
What are causes of an increase in...,
What happens when supply increase...
7
cards
Price Mechanism- 4 Functions-Signal, Incentivise, Ration, Allocate
What is the price mechanism 1,
What does arsi stand for in the p...,
What happens when demand shifts t...
10
cards
Consumer & Producer Surplus
What is consumer surplus 1,
What is producer surplus 2,
Where is consumer surplus on a su...
14
cards
Interrelated Markets( Complements, substitutes, Derived & Composite Demand, Joint Supply)
What are complementary goods 1,
How do we show the effect of a pr...,
What are substitute goods 3
18
cards
Price Elasticity of Demand
What does ped stand for and what ...,
What is the formula for ped 2,
What are the possible values of p...
23
cards
PED and Total Revenue
Total revenue tr 1,
How ped affects total revenue 2,
Inelastic demand ped 1 3
8
cards
Price Elasticity of Supply
What does pes stand for 1,
Pes formula 2,
What does pes 1 mean 3
16
cards
Cross Elasticity of Demand (XED)
What does xed stand for 1,
What does xed measure 2,
What is the formula for xed 3
18
cards
Income Elasticity of Demand (YED)
What does yed measure 1,
What is the formula for yed 2,
What does a positive yed mean 3
11
cards
Elasticity- Business Use and Limitations
What does ped help businesses dec...,
What should a business do if dema...,
What should a business do if dema...
23
cards
Indirect tax- Full Market Impact
What is an indirect tax 1,
What are the main reasons for imp...,
What is the difference between in...
19
cards
Indirect tax and elasticity (Consumer, Producer and Government Evaluation)
What happens when an indirect tax...,
In a price elastic market how is ...,
What happens to government revenu...
19
cards
Subsidy- Full Market Impact
What is a subsidy in microeconomi...,
What are the main reasons governm...,
How does a subsidy affect the sup...
16
cards
Minimum Price (Price Floor)- Full Market Impact
Minimum price price floor definit...,
Why set a minimum price above equ...,
Benefit of minimum price for prod...
24
cards
Maximum Price (Price Ceiling)- Full Market Impact
Maximum price price ceiling defin...,
Why set a maximum price below equ...,
Primary purpose of a maximum price 3
23
cards
What is Allocative efficiency
What is allocative efficiency 1,
Where does allocative efficiency ...,
What does the supply curve repres...
26
cards
Types Of Market Failure
What is market failure 1,
What are the main causes of marke...,
What is a negative externality 3
17
cards
Negative Externalities in Production & Consumption
What is a negative externality 1,
What is a negative externality in...,
What is a negative externality in...
28
cards
Positive externalities in Consumption & Production
What is a positive externality in...,
Give three examples of positive e...,
Who are third parties in positive...
29
cards
Merit & De- Merit Goods- Imperfect Information
What are merit goods 1,
How do merit goods relate to impe...,
What is information failure 3
32
cards
Public goods
What are the two main characteris...,
Why are public goods provided by ...,
What is the free rider problem in...
12
cards
Common access resources- Tragedy of the Commons
What are common access resources ...,
What is the tragedy of the commons 2,
Why does the tragedy of the commo...
8
cards
Government Failure
What is government failure 1,
Causes of government failure 2,
Administrative and enforcement co...
7
cards
Indirect Tax and Market failure
How does an indirect tax correct ...,
Diagram summary 1 2,
How does an indirect tax correct ...
7
cards
Subsidy and Market Failure
How can a subsidy correct a posit...,
Diagram summary 1 2,
How can a subsidy correct a posit...
11
cards
Regulation & Market Failure
What is regulation in economics 1,
Is regulation a market based or n...,
Why don t we draw diagrams for re...
30
cards
Tradeable Pollution Permits (Cap and Trade) for Market Failure
What are tradable pollution permi...,
What makes tradable permits an in...,
What is the cap in a cap and trad...
40
cards
State Provision to solve Market Failure ( Direct Provision)
What is state provision 1,
What is the government s role in ...,
Why is state provision used for m...
30
cards
Price Controls (Maximum/Minimum Price) and Market Failure
What is a minimum price 1,
How does a minimum price address ...,
What is the effect of a maximum p...
26
cards
Information Provision for Market Failure
What is information provision in ...,
How does information provision so...,
What role does advertising play i...
14
cards
Property rights and Market Failure
What are common access resources ...,
How do property rights help solve...,
How does owning a portion of a fo...
10
cards
Economic systems- Market, Command and Mixed Economies
What is a market economy 1,
What are the advantages of a mark...,
What are the disadvantages of a m...
23
cards
The Free Market and Market Forces- Pros and Cons
What determines price and quantit...,
In a free market what does equili...,
What is the condition for allocat...
10
cards
Specialization and the Division of Labour
What is specialisation 1,
Give three advantages of speciali...,
What are two disadvantages of spe...
7
cards
Primary Commodities, Price volatility- Causes and Consequences
What are primary commodities 1,
Why is demand for primary commodi...,
Why is supply for primary commodi...
7
cards
Positive, Normative statements and Economic Methodology
Is economics a natural or social ...,
What is the difference between na...,
What is the economic method 3
7
cards
Elasticity along the Demand curve
Does price elasticity of demand p...,
What happens to ped at the top of...,
What is ped at the midpoint of th...
12
cards
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Economics Micro Y1
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