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Bear lulu
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Decks in this class (13)
Unit 2.1 - Competitive Markets: Demand and Supply - Introduction to Competitive Markets
What is a market 1,
What is a competitive market 2
2
cards
Unit 2.2 - Competitive markets: Demand and Supply - Demand
What is demand 1,
What does the law of demand state 2,
What is market demand 3
27
cards
Unit 2.3 - Competitive Markets: Demand and Supply - Supply
Supply 1,
What is the supply curve s shape 2,
The law of supply 3
32
cards
2.4 - Competitive Markets: Demand and Supply - Competitive market equilibrium
Surplus 1,
Shortage 2,
What happens to price when there ...
13
cards
2.5 - Competitive Markets: Demand and Supply - The role of the price mechanism and market effeciency
Price mechanism 1,
What is known as the invisible ha...,
Signalling and incentive function...
27
cards
2.6 - Competitive markets: Demand and Supply - Critique of the maximising behaviour of consumers and producers
Rational consumer choice 1,
Rational economic decision making 2,
Assumptions of rational consumer ...
24
cards
3.1 - Elasticities - Price elasticity of Demand
Price elasticity of demand 1,
Price elastic demand 2,
Price elasitic demand 3
24
cards
3.2 - Elasticities - Income elasticity of demand
Income elasticity of demand 1,
Yed 2,
Yed 0 3
6
cards
3.3 - Elasticities - Price Elasticity of Supply
Price elasticity of supply 1,
Pes equation 2,
Pes 1 3
8
cards
4.1 - Government intervention in microeconomics - Government intervention in markets
Reasons as to why a government ma...,
Earn revenue for the government 2,
Provide support to firms 3
4
cards
4.2 - Government intervention in microeconomics - Price controls
Price controls 1,
Price ceilings 2,
Consequences of price ceiling sho...
11
cards
4.3 - Government intervention in microeconomics - Indirect taxes
Indirect taxes 1,
What does indirect mean with refe...,
Excise taxes 3
5
cards
4.4 - Government intervention in microeconomics - Subsidies
0
cards
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IB Economics
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