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Economics - Theme 1

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

By: Jamie Perritt
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Decks in this class (20)

Ceteris Paribus
Ceteris paribus 1,
Classical economics assumptions h...
2  cards
Positive & Normative Statements
Positive statements 1,
Normative statements 2
2  cards
The Economic Problem
The economic problem 1,
Opportunity cost 2,
Free goods 3
4  cards
Production Possibiilty Frontiers (PPF)
Ppf diagram 3 1
1  cards
Specialisation & Division of Labour
Division of labour 1,
Division of labour advantages 2,
Division of labour disadvantages 3
3  cards
Money
Double coincidence of wants 1,
Uses of money 2
2  cards
Free Market Economy, Mixed Economy & Command Economy
Free market economy 1,
Free market pros cons 2,
Command economies 3
5  cards
Demand & Supply 1.2
Demand def 1,
Acronym for shifts in demand 2,
Utility 3
4  cards
Price, Income & Cross Elasticities of Demand 1.2
Ped 1,
Cross elasticity of demand xed 2,
Factors affecting ped 3
8  cards
Elasticity of Supply
Pes 1,
Factors determining pes 2
2  cards
Price Determination
Equilibrium price 3 1,
Supply demand equilibrium diagram 2,
Why markets don t always clear 3
3  cards
Price Mechanism
Price mechanism functions of price 1,
Rationing 2,
Signalling 3
4  cards
Consumer & Producer Surplus
Consumer surplus 1,
Consumer surplus diagram u 2,
Consumer surplus vs producer surp...
6  cards
Indirect Taxes & Subsidies
Indirect taxes 1,
Ad valorum taxes 2,
Types of indirect tax 3
10  cards
Types of Market Failure
Market failure 1,
How does an inefficient allocatio...,
Externalities 3
6  cards
Externalities
Externality def 3 1,
Private costs benefits def 2,
Negative externalities 3
6  cards
Public Goods
Solution to the free rider problem 1,
Quasi public goods 2,
Public good def 3
3  cards
Information Gaps
Perfect information 1,
Asymetric information 2 2,
Information gaps diagram 3
5  cards
Gov. Intervention in Markets
6 ways of correcting market failu...,
Indirect taxes dealing w market f...,
Subsidies dealing w market failur...
10  cards
Government Failure
Gov failure definition 1,
3 reasons for government failure 2,
Price signal distortion 3
5  cards

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Economics - Theme 1

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