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Decks in this class (12)
1.1.1 Economics as a social science
Economics as a social science
3
cards
1.1.2 Positive/normative statements
What is a positive statement 1,
What is a normative statement 2
2
cards
1.1.3 Economic problem
What is the economic problem 1,
Define opportunity cost 2,
What is an economy 3
9
cards
1.1.4 PPF's
What is a ppf 1,
What does a ppf show 2,
What is opportunity cost 3
10
cards
1.1.5 Specialisation and the division of labour
What is the division of labour 1,
What is the main benefit of divis...,
Give three pros of the division o...
10
cards
1.2.2 Demmand
What is demand 1,
Which way do all demand curve slo...,
What causes contractions extensio...
14
cards
1.2.3 PED/YED/XED
What is the price elasticity of d...,
What is the ped formula 2,
For what values of ped is demand ...
30
cards
1.2.4 Supply
Define supply 1,
Which way does a supply curve slo...,
What are the three reasons that s...
16
cards
1.2.6 Price determination
Define equilibrium 1,
Define disequilibrium 2,
What is the effect of excess supp...
6
cards
1.2.7 Price mechanism
What are the main functions of th...,
What is the rationing function 2,
What is the signalling function 3
5
cards
1.2.8 Producer/Consumer Surplus
Define consumer surplus 1,
Where is consumer surplus on a di...,
Describe the effect of a shift on...
11
cards
1.3.2 economics of externalities from production and consumption
Define negative externalities 1,
What are the two types of externa...,
What are private costs 3
20
cards
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Edexcel A-Level Economics Theme 1 (Micro)
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