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Tom Gourlay
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Decks in this class (21)
Theme 1.1 Economics as a social science (unit 1)
Have all cards created for pages 2-102 in text book
8
cards
Theme 1.2 Economic data (unit 2)
What is a base period,
What are index numbers,
What is a nominal value
6
cards
Theme 1.1.3 The economic problem (unit 3)
Define scarcity,
What is an economic good,
What is a free good
15
cards
Theme 1.1.4 production possibility frontiers (unit 4)
Explain what a production possibi...,
What it looks like,
What is a consumer good
8
cards
Theme 1.1.5 Specialisation and division of labour (unit 5)
Define specialisation,
Globalisation,
What is the division of labour
18
cards
Theme 1.1.6 Types of economy (unit 6)
Command planned centerally planne...,
Economic system,
Free market economies
4
cards
Theme 1.2.1 Rational decision making (unit 7)
Define rational,
What is the neo classical theory,
What is microeconomics
6
cards
Theme 1.2.2/1.2.8 Demand (unit 8)
What is the definition of demand,
What is the demand curve,
What would indicate an extension ...
11
cards
Theme 1.2.3 Price elasticity of demand (unit 9)
What is price elasticity,
What is the alternative formula f...,
What is the numerical value of so...
8
cards
Theme 1.2.3 Income and elasticities (unit 10)
What is income elasticity,
What are normal goods,
What are inferior goods
6
cards
Theme 1.2.4/1.2.5 Supply (unit 11)
Define supply,
What would happen if the price of...,
What are the conditions of supply
10
cards
Theme 1.2. Price determination (unit 12)
What is the equilibrium price,
What is excess demand,
What is excess supply
7
cards
Theme 1.2.7 The price mechanism (unit 13)
What is the price mechanism,
What is the rationing function,
What is the incentive function
4
cards
Theme 1.2.9 Indirect taxes and subsidies (unit 14)
Why do government use taxes,
What is a subsidy,
What is a specific or unit tax
5
cards
Theme 1.2.10 Alternative views of consumer behaviour (unit 15)
What is behavioural economics,
Why dont consumers act rationally
2
cards
Theme 1.3.1 Types of market failure (unit 16)
What is partial market failure,
What is a missing market,
What is complete market failure
5
cards
Theme 1.3.2 Externalities (unit 17)
What are externalities spillover ...
1
cards
Theme 1.3.4 Information gaps (unit 19)
What is asymmetric information,
What is imperfect information,
What is information failure
5
cards
Theme 1.3.3 Public goods (unit 18)
What are private goods,
What are public goods,
What is the free rider problem
4
cards
Theme 1.4.1 Government intervention in market (unit 20)
Why do governments intervene in m...,
Why dont indirect taxes work,
Why may subsidies not work
6
cards
Theme 1.4.2 Government failure (unit 21)
What is government failure,
Why does the government distort p...,
What are some of the pitfalls of ...
6
cards
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Economics Theme 1
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