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

Decks in this class (32)

1.1.1
Define ceteris paribus
1  cards
1.1.2
Define positive statement,
Define normative statement
2  cards
1.1.3
Basic economic problem,
Define opportunity cost,
Factors of production
9  cards
1.1.4
Production possibility frontier,
What shifts the curve outwards,
Capital goods
4  cards
1.1.5
Specialisation,
Advantages of specialisation,
Disadvantages of specialization
4  cards
1.1.6
Free market economies,
What to producehow to produce it ...,
Advantages of free market economy
9  cards
1.2.1
Consumer utitliy,
Daniel kahenman two system model ...,
Limitations of 2nd system
5  cards
1.2.2
Demand,
What shifts the demand curve,
Types of demand
6  cards
1.2.3
Price elasticity of demand,
Formula for ped,
Price elastic good
18  cards
1.2.4
Supply,
Shifting the supply curve,
Joint supply
3  cards
1.2.5
Price elasticity of supply,
Elastic supply,
Inelastic supply
6  cards
1.2.6
Equilibrium,
Excess demand,
Excess supply
4  cards
1.2.7
Adam smith s invisible hand of th...,
How are resources alllocated,
Price mechanisms three main funct...
3  cards
1.2.8
Consumer surplus,
Increasing consumer surplus,
Decreasing consumer surplus
6  cards
1.2.9
Indirect taxes,
Two types of indirect taxes,
Ad valorem tax
10  cards
1.2.10
Homo economicus,
Reasons for consumers not acting ...
2  cards
1.3.1
When does market failure occur,
Types of market failure,
Externalities
5  cards
1.3.2
Private costs,
Social costs,
Social optimum position
7  cards
1.3.3
Public goods,
Private goods,
Quasi public goods
3  cards
1.3.4
Symmetric information,
Asymmetric information
2  cards
1.4.1
Reason for government intervention,
Maximum price,
Advantages of maximum price
12  cards
1.4.2
Net welfare loss,
Distortion of price signals,
Unintended consequences
5  cards
Examples - Scarcity
Water scarcity in india
1  cards
Examples - Market Demand Shift Left
Peloton bikes,
Print newspapers,
Student housing
3  cards
Examples - Market Demand Shift Right
Demand for non dairy non alcoholi...,
Demand for electric cars and bicy...,
Demand for uk housing
4  cards
Examples- Market Supply Shift To The Right
Vat tax cut for the uk hospitalit...,
Large subsidies on notable items ...,
Airlines
3  cards
Examples - Supply Shift Left
Subsidies for home solar panels,
Increase in the price of new and ...,
Gas electricity and food supplies
3  cards
Examples- Price Inelastic Demand
Pharmaceutical firms like nostrum...,
Oil gas and electricity,
Uk parcel companies
3  cards
Negative Externalities
Smoking cigarettes,
Drinking alcohol,
Eating unhealthily
7  cards
Positive Externalities
Uk population physical health,
Education,
Healthcare and vaccinations
6  cards
Minimum Price
Ivory coast and ghana
1  cards
Maximum Price
0  cards

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Economics- Theme 1

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