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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
Allocative efficiency 1,
Productive efficiency 2,
Dynamic efficiency 3
7  cards
○ the assumptions of a perfectly competitive market system
3 assumptions 1,
4 assumptions 2
2  cards
analyse the difference between complete market failure (missing markets) and partial market failure
Market failure 1,
Types of market failures 2,
Complete failure 3
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
What is an externality 1,
Negative externality 2,
Positive externality 3
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
Excludability 1,
Rival 2,
Public goods 3
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
Common resource goods 1,
Tragedy of the commons 2,
Property rights 3
3  cards
○ ways in which the immobility of factors of production might lead to the misallocation of resources
Occupation immobility 1,
Geographical immobility 2
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
Failures of information 1,
Lemons problem 2,
Moral hazard 3
3  cards
explain and analyse the different methods of market modification required to correct market failure, including direct and indirect taxation, subsidies
Pigouvian tax 1,
Pigouvian subsidy 2,
Subsidy 3
7  cards
explain and analyse the different methods of market modification required to correct market failure, including price floors/ceilings
Price floors 1,
Price ceilings 2
2  cards
explain and analyse the different methods of market modification required to correct market failure tradable permits or direct state provision and regulation
Tradable permits 1,
Direct regulation 2
2  cards

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Economics - T3 Exam

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