Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

ECONOMICS -THEME 1 : Introduction to markets and market failure

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

By: Megan Mitchell
Start Studying

Decks in this class (23)

Economics as a social science
What is the key assumption econom...,
Ceteris paribus 2,
What can economists not conduct 3
6  cards
Positive and Normative statements
What are positive statements and ...,
Name the two words to look for wh...,
Name the key things about a posit...
9  cards
Economic data
What do economists use data for 1,
What is gdp 2,
Name the 5 sources of data 3
10  cards
The Economic Problem
Outline the basic economic problem 1,
Name with examples the 2 ways res...,
Scarcity 3
23  cards
Production possibility Frontiers (PPF's)
What are ppf s 1,
What do ppf s and ppc s both show 2,
What do points lying on the ppf s...
5  cards
Economic growth & the PPF
What will growth in the economy d...,
What is growth in the economy cau...,
Capital goods examples 3
14  cards
Mass production and Division of labour
Division of labour 1,
Specialisation 2,
Name the 2 ways to increase produ...
9  cards
Types of economies
Free market economy 1,
Command economy characteristics 2,
Mixede economy characteristics 3
7  cards
The Functions of Money
What is money 1,
Name the 4 functions of money 2,
Define a medium of exchange 3
24  cards
Contributions to economies
John maynard keynes 1,
Friedrich hayek 2,
Adam smith 3
4  cards
Rational decision making
What do consumers aim to do when ...,
What do firms aim to do when maki...,
What do government aim to do when...
5  cards
Mixed formulas
Base index 1,
Price elasticity of demand ped 2,
Income elasticity of demand yed 3
7  cards
Supply & Demand
Name the 4 factors that influence...,
How does price influence demand 2,
How does the price of other goods...
9  cards
Price Elasticity of Demand (PED)
What is ped 1,
What is ped used to show 2,
What value do elastic goods have 3
12  cards
Income elasticity (YED)
What is yed 1,
What is a normal good 2,
What is an inferior good 3
12  cards
Cross price elasticity (XED)
W hat is xed 1,
What is the formula for calculati...,
What 2 goods have a positive xed 3
13  cards
Price elasticity of supply
Pes formula 1,
Price equilibrium 2
2  cards
Indirect taxes
What are indirect taxes examples 1,
What is vat an example of 2,
Define ad valorem tax 3
10  cards
Subsidies
Define subsidies 1,
Give an example s of a subsidy 2,
What does a subsidy tend to do 3
6  cards
Incidence of tax
Define tax incidence 1,
What does the tax incidence depen...,
What does the consumer burden of ...
9  cards
Alternative explanations of behaviour
According to neoclassical economi...,
Name some other key assumptions m...,
Name some factors that influence ...
12  cards
Market failure
Name the 4 functions of prices 1,
Define signalling function 2,
Define incentive function 3
14  cards
Government intervention
Define regulation 1
1  cards

More about
ECONOMICS -THEME 1 : Introduction to markets and market failure

  • Class purpose General learning

Learn faster with Brainscape on your web, iPhone, or Android device. Study Megan Mitchell's ECONOMICS -THEME 1 : Introduction to markets and market failure flashcards for their Valley park school class now!

How studying works.

Brainscape's adaptive web mobile flashcards system will drill you on your weaknesses, using a pattern guaranteed to help you learn more in less time.

Learn more about spaced repetition

Add your own flashcards.

Either request "Edit" access from the author, or make a copy of the class to edit as your own. And you can always create a totally new class of your own too!

What's Brainscape anyway?

Brainscape is a digital flashcards platform where you can find, create, share, and study any subject on the planet.

We use an adaptive study algorithm that is proven to help you learn faster and remember longer....

Looking for something else?

A Level Economics - Theme 1 (Introduc...
  • 28 decks
  • 369 flashcards
  • 32 learners
Decks: 111 Introduction To Economics, 112 The Basic Economic Problem, 113 Factors Of Production, And more!
Introduction to marketing
  • 11 decks
  • 262 flashcards
  • 2 learners
Decks: Marketing Environment, Buyer Behaviour Part 1, Buyer Behaviour Part 2, And more!
Find Flashcards
Make Flashcards
Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions