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Jake Pierce
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Decks in this class (12)
1.1.1 nature of economics
What is the definition of economi...,
Ceteris paribus 2
2
cards
1.1.2 positive and normative statements
Positive statements 1,
Example of a positive statements 2,
Normative statements 3
19
cards
1.1.3 The economic problem
What is resource scarcity the res...,
What are resources categorised as 2,
What is the factor reward of land 3
9
cards
1.1.4 production possibility frontiers
Moving between two efficient poin...,
At any particular point on a ppf 2,
Why are ppfs usually concave 3
7
cards
1.1.5 specialisation and division of labour
What does the division of labour ...,
What is the opposite of specialis...,
An example of division of labour 3
9
cards
1.1.6 Economic systems
What is a free market economy 1,
Who are free markets associated w...,
What do free markets produce 3
15
cards
1.2 How markets work
What is a market 1
1
cards
Rational decision making 1.2.1
What is rational decision making 1,
What are consumers assumed to be 2,
What are firms assumed to be 3
4
cards
1.2.2 Demand
What is demand 1,
How does a consumer show effectiv...,
What are the 2 effects of a negat...
24
cards
Elasticity of demand 1.2.3
What is elasticity 1,
What are the three versions of el...,
What is price elasticity of demand 3
9
cards
The theory of supply 1.2.4
What is the definition of supply 1,
Something to remember 2,
What factors shift a supply curve 3
5
cards
1.2.8 consumer surplus
What is consumer surplus 1,
What is producer surplus 2
2
cards
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Microeconomics
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