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By:
Ikhee Lee
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Decks in this class (39)
Chapter 1: The nature of the economic problem
Resources,
The economic problem,
Scarcity
5
cards
Chapter 2: Factors of Production
Factors of production,
Land,
Labour
21
cards
Chapter 3: Opportunity costs
Opportunity cost
1
cards
Chapter 4: Production Possibility Curves
Production possibility curve,
Production points
2
cards
Chapter 5: Microeconomics and Macroeconomics
Microeconomics,
Macroeconomics,
Market
5
cards
Chapter 6: The role of markets in allocating resources
Economic system,
Planned economic system,
Directives
11
cards
Chapter 7: Demand
Demand,
Market demand,
Aggregation
14
cards
Chapter 8: Supply
Supply,
Market supply,
Extension in supply
13
cards
Chapter 9: Price determination
Equilibrium price,
Excess supply,
Disequilibrium
4
cards
Chapter 10: Price Changes
Surplus
1
cards
Chapter 11: Price elasticity of demand
Price elasticity of demand ped,
Formula for price elasticity of d...,
Elastic demand
8
cards
Chapter 12: Price elasticity of supply
Price elasticity of supply pes,
Formula for pes,
Elastic supply
8
cards
Chapter 13: Market economic system
Public sector,
State owned enterpirses soe,
Privatisation
10
cards
Chapter 14: Market Failure
Third parties,
Social benefits,
Social costs
15
cards
Chapter 15: Mixed economic system
Mixed economic system,
Maximum price,
Minimum price
9
cards
Chapter 16: Money and Banking
Money,
Four functions of money,
Commercial banks
6
cards
Chapter 17: Households
Disposable income,
Wealth,
Rate of interest
8
cards
Chapter 18: Workers
Earnings,
Wage rate,
Bonus
16
cards
Chapter 19: Trade unions
Trade union,
Craft unions,
General unions
9
cards
Chapter 20: Firms
Industry,
Quaternary sector,
Internal growth
16
cards
Chapter 21: Firms and Production
Profit,
Corporation tax
2
cards
Chapter 22: Firms, costs, revenue and objectives
Total cost tc,
Average total cost atc,
Fixed costs fc
12
cards
Chapter 23: Market structure
Market structure,
Competitive market,
Normal profit
9
cards
Chapter 24: The role of government
Local government,
Natural monopoly,
Strategic industries
6
cards
Chapter 25: The macroeconomic aims of government
Economic growth,
Actual economic growth,
Potential economic growth
11
cards
Chapter 26: Fiscal policy
Budget,
Budget deficit,
Budget surplus
17
cards
Chapter 27: Monetary policy
Monetary policy,
Foreign exchange rate,
Expansionary monetary policy
4
cards
Chapter 28: Supply-side policies
Supply side policy,
Deregulation
2
cards
Chapter 29: Economic growth
Gross domestic product gdp,
Circular flow of income,
Value added
10
cards
Chapter 30: Employment and unemployment
Employment,
Unemployment,
Flexible labour force
17
cards
Chapter 31: Inflation and deflation
Deflation,
Disinflation,
Consumer price index cpi
12
cards
Chapter 32: Living standards
Human development index hdi,
Genuine progress indicator gpi,
Purchasing power parity ppp
6
cards
Chapter 33: Poverty
Absolute poverty,
Relative poverty,
Vicious circle of poverty
4
cards
Chapter 34: Population
Emigration,
Birth rate,
Death rate
9
cards
Chapter 35: Differences in economic development between countries
Economic development,
The world bank,
The imf
3
cards
Chapter 36: International specialisation
Tariff
1
cards
Chapter 37: Free trade and protection
Globalisation,
Quota,
Embargo
9
cards
Chapter 38: Foreign exchange rates
Foreign exchange rate,
Fixed exchange rate,
Devaluation
8
cards
Chapter 39: Current account of balance of payments
Trade in goods,
Trade in goods deficit,
Trade in goods surplus
7
cards
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igcse economics definitions
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