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economics - t3 exam

This class was created by Brainscape user Sewmith Samarawickrama. Visit their profile to learn more about the creator.

By: Sewmith Samarawickrama
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Decks in this class (11)

the meaning of allocative, productive and dynamic efficiency as these relate to the optimal operation of markets
No deck description has yet been added by the author.
7  cards
○ the assumptions of a perfectly competitive market system
No deck description has yet been added by the author.
2  cards
analyse the difference between complete market failure (missing markets) and partial market failure
No deck description has yet been added by the author.
5  cards
the concepts of positive and negative externalities of production and consumption with a diagrammatic representation of the welfare loss/benefit associated with them
No deck description has yet been added by the author.
4  cards
the difference between public goods and private goods, why markets might not adequately provide public goods and the concept of the free rider problem
No deck description has yet been added by the author.
5  cards
the ‘tragedy of the commons’ as it relates to common resources and the problem of ill-defined property rights, e.g. oceans and the atmosphere
No deck description has yet been added by the author.
3  cards
○ ways in which the immobility of factors of production might lead to the misallocation of resources
No deck description has yet been added by the author.
2  cards
how asymmetric (imperfect) information can lead to a misallocation of resources, e.g. adverse selection such as in the market for used cars (lemons), and moral hazard
No deck description has yet been added by the author.
3  cards
explain and analyse the different methods of market modification required to correct market failure, including direct and indirect taxation, subsidies
No deck description has yet been added by the author.
7  cards
explain and analyse the different methods of market modification required to correct market failure, including price floors/ceilings
No deck description has yet been added by the author.
2  cards
explain and analyse the different methods of market modification required to correct market failure tradable permits or direct state provision and regulation
No deck description has yet been added by the author.
2  cards

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economics - t3 exam

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