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OCR A-Level Economics

This class was created by Brainscape user Jack Hughes. Visit their profile to learn more about the creator.

By: Jack Hughes
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Decks in this class (14)

1.1 - The Economic Problem
What are economic goods,
What are free goods,
What is the basic economic problem
18  cards
1.2 - The allocation of resources
What are market economies,
In a market economy what to produ...,
In a market economy who to produc...
32  cards
1.3 - Opportunity cost
What gives rise to opportunity cost,
What is opportunity cost,
What is a trade off
16  cards
2.1 - Specialisation and Trade
What is the division of labour,
What is specialisation,
What does specialisation enable f...
16  cards
2.2 - Demand
What is a market,
What is demand,
What is derived demand
27  cards
2.3 - Supply
What is supply,
What is joint supply,
What is composite supply
17  cards
2.4 - Consumer and Producer Surplus
What is consumer surplus,
What is producer surplus,
What is the total surplus
3  cards
2.5 - The interaction of markets
What does ceteris paribus mean,
What is the equilibrium,
What is the equilibrium price
10  cards
2.6 - Elasticity
What does elasticity measure,
What is the equation for price el...,
What does ped equal for elastic d...
54  cards
2.7 - The concept of the margin
What is margin,
What is marginal tax,
What is marginal product
20  cards
2.8 - Market failure and externalities
What is market failure,
When are resources misallocated,
What is complete market failure
23  cards
2.9 - Information failure
What does symmetric information mean,
What can symmetric information le...,
What does asymmetric information ...
13  cards
2.10 - Public goods
What is a public good,
What are the 2 characteristics of...,
What does the non rivalry mean
9  cards
2.11 - Government intervention
In a market based economy what do...,
What might happen if a consumer h...,
What may be used to encourage the...
99  cards

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OCR A-Level Economics

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