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Economics Theme 1 revised

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

By: Jonny Philp
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Decks in this class (30)

1- Economics as a social science definitions
0  cards
1- Economics as a social science
0  cards
1- Economics as a social science evaluation
0  cards
2- Rational decision making definitions
Rationality 1
1  cards
2- Rational decision making
What do we assume consumers aim t...,
What do we assume firms aim to ma...,
What do we assume governments aim...
3  cards
2- Rational decision making evaluation
0  cards
3- Demand definitions
Demand 1,
Complementary goods 2,
Substitute goods 3
7  cards
3- Demand
What causes movements up and down...,
Contraction in demand 2,
Expansion in demand 3
5  cards
3- Demand evaluation
0  cards
4- Price/income/cross-elasticities definitions
Price elasticity of demand ped 1,
Cross elasticity of demand xed 2,
Inferior goods 3
10  cards
4- Price/income/cross-elasticities
Ped equation 1,
Unitary elastic ped 2,
Relatively elastic ped 3
22  cards
4- Price/income/cross-elasticities evaluation
0  cards
5- Supply definitions
Supply 1
1  cards
5- Supply
What causes a movement up or down...,
Expansion in supply 2,
Contraction in supply 3
6  cards
5- Supply evaluation
0  cards
6- Price elasticity of supply definitions
Price elasticity of supply 1
1  cards
6- Price elasticity of supply
Pes equation 1,
Unitary elastic pes 2,
Relatively price elastic pes 3
9  cards
6- Price elasticity of supply evaluation
0  cards
7- Price determination definitions
Excess demand 1,
Excess supply 2
2  cards
7- Price determination
Where is the equillibrium price a...,
What is the market clearing price 2,
What does excess demand mean for ...
4  cards
7- Price determination evaluation
0  cards
8- Price mechanism definitions
Market forces 1,
Price mechanism 2,
Equilibrium price quantity 3
3  cards
8- Price mechanism
How is price determined in a mark...,
3 functions of the price mechanism 2,
Rationing function 3
5  cards
9- Types of Market Failure definitions
Market failure 1,
Social optimum position 2,
Externalities 3
11  cards
9- Types of Market Failure
Types of market failure 1,
Consequence of externalities 2
2  cards
9- Types of Market Failure evaluation
0  cards
10- Externalities definitions
Market failure 1,
Externalities 2,
Merit good 3
14  cards
10- Externalities
Divergence of costs negative prod...,
Divergence of costs positive prod...,
Divergence of costs negative cons...
4  cards
10- Externalities evaluation
Externalities evaluation 1
1  cards
11- Gov intervention
Ways government to intervene to i...,
Indirect tax definition 2,
Impact of an indirect tax 3
27  cards

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Economics Theme 1 revised

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