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Shirax Baig
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Decks in this class (19)
Topic 1.1 - 1.4: Economic Methodology
Social science 1,
Natural science 2,
Ceteris paribus 3
17
cards
Topic 1.5: Production Possibility diagrams
Production possibility diagrams 1,
Opportunity cost on ppf 2,
Law of increasing opportunity cost 3
9
cards
Topic 3.1 The Determinants of the Demand for Goods and Services
Demand 1,
Law of demand for normal goods 2,
Veblen goods 3
7
cards
Topic 3.2 Price, income and cross elasticities of Demand
Price elasticity of demand 1,
Ped formula 2,
Ped result and why 3
20
cards
Topic 3.3 The Determinants of the supply of goods and services
Supply 1,
Law of supply 2,
Change in prices cause 3
8
cards
Topic 3.4 Price Elasticity of Supply
Price elasticity of supply 1,
Pes formula 2,
Pes sign ve or ve 3
9
cards
Topic 3.5: The Determinants of Equilibrium Market Prices
When demand supply 1,
Prices 2,
To find disequilibrium 3
7
cards
Topic 3.6 The interrelationship between markets
Price mechanism allocates resourc...,
Derived demand 2,
Composite demand 3
6
cards
Topic 4.1 Production and Productivity
Production 1,
Productivity 2,
Labour productivity 3
7
cards
Topic 4.2 Specialisation, division of labour and exchange
Specialisation 1,
Division of labour 2,
Advantages to specialisation and ...
14
cards
Topic 4.3 DMR/RTS and 4.4 Costs of Production
Short run costs of production 1,
Long run costs of production 2,
Marginal return 3
14
cards
Topic 4.5 Economies and Diseconomies Of Scale
Economies of scale 1,
Internal economies of scale 2,
1 risk bearing 3
17
cards
Topic 4.6 Marginal, average and total revenue.
Total revenue 1,
Average revenue 2,
Marginal revenue 3
5
cards
Topic 4.7 Profit and 4.8 Technological Change
Profit definition formula 1,
Explicit and implicit total costs 2,
Economic vs accounting profit 3
9
cards
Topic 5.1 How markets and prices allocate resources
Price mechanism 1,
How to find disequilibrium 2,
Functions of the price mechanism 3
8
cards
Topic 5.2 The meaning of market failure and Topic 5.6 Market Imperfections
Market failure 1,
Partial market failure 2,
Complete market failure 3
11
cards
Topic 5.3 Public goods, private goods and quasi-public goods
Public goods 1,
Free rider problem 2,
Private goods 3
7
cards
Topic 5.4 Positive and negative externalities + 5.5 Merit and Demerit Goods
Externality definition 1,
4 types of externalitites 2,
Negative production externalities 3
26
cards
Perfect Competition, imperfectly competitive markets and monopoly
Where are the flashcards 1
1
cards
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Economics Paper 1
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