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isabel vaelnz
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Decks in this class (18)
Micro economics
0
cards
3.1.1 relative scarcity, PPF, 3 basic eco questions
What i the basic economic problem,
What are the four main groups exp...,
Define relative scarcity
15
cards
3.1.2 relative prices, perfect competition and types of efficiency
Define relative price,
Define relative profits,
Define allocative efficiency
17
cards
3.1.3 conditions of a perfectly competitive market
Explain consumer sovereignty,
Explain firms have no market power,
Explain firms have ease of entry ...
8
cards
3.1.4-3.1.6 the law of demand
Define the law of demand,
What happens in a contraction of ...,
What happens in an expansion of d...
8
cards
3.1.7-3.1.9 the law of supply
The law of supply,
What is a contraction of supply,
What is an expansion of supply
7
cards
3.1.10 the effect of change in supply and demand on equilibrium prices and quantity traded
List the non price factors that s...,
Define equilibrium,
What happens when the price is se...
5
cards
3.1.11 the meaning and significance of price elasticity of demand and supply
Price elasticity demand,
Why is price elasticity important,
Denim price elasticity
19
cards
3.1.12 factors affecting price elasticity of demand
1
cards
3.1.13 the role of relative prices in the allocation of resources
What happens when the relative pr...,
How do relative prices reflect sc...,
What role do consumers play in re...
5
cards
3.1.14 the role of free and competitive markets in promoting an efficient allocation of resources and improves living standards
How does a perfectly competitive ...,
What is technical efficiency and ...,
What is intertemporal efficiency
4
cards
3.1.15 types of market failure
Define market failure,
What is a rivalrous good,
What is an excludable good
21
cards
3.1.16 the role and effect of indirect taxation, subsidies, regulations, advertising and direct provision as forms of government intervention in the market address market failure
How do subsidies help essential i...,
How do subsidies encourage innova...,
How do subsidies improve social w...
6
cards
3.1.17 one example of a government intervention in markets that unintentionally leads to a decrease in one of allocative, productive, dynamic or inter temporal efficiency
What is government failure,
How do government subsidies lead ...
2
cards
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economics year 12
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