This class was created by Brainscape user Puvith Hewage. Visit their profile to learn more about the creator.
By:
Puvith Hewage
- decks
- flashcards
- learners
Decks in this class (10)
1.1 Main economic groups and factors of production
• explain the role of the main economic groups: consumers, producers and the government, including their interdependence • explain the factors of production: land, labour, capital and enterprise, including how they might be combined
14
cards
1.2 The basic economic problem
What does the term scare resource...,
What does the term unlimited want...,
What does the term wants mean 3
12
cards
2.1 The role of markets
• explain what is meant by a market
• explain the features of the primary, secondary and tertiary sectors, including the
difference between the production of goods and services
• explain the difference between factor and product markets, including their
interdependence
• evaluate the costs and benefits of specialisation and exchange in markets including
for producers, workers, regions and countries
18
cards
2.2 Demand
• explain what is meant by demand
• draw and explain a demand curve using data, including individual and market
demand
• draw shifts of, and movements along, the demand curve
• analyse the causes and consequences for consumers and producers, of shifts of,
and movements along, the demand curve
• explain price elasticity of demand
• draw demand curves of different elasticity
• evaluate the importance of price elasticity of demand for consumers and producers
17
cards
2.3 Supply
• explain what is meant by supply
• draw and explain a supply curve using data, including individual and market supply
• draw shifts of, and movements along, the supply curve
• analyse the causes and consequences for consumers and producers, of shifts of,
and movements along, the supply curve
• explain price elasticity of supply
• draw supply curves of different elasticity
• evaluate the importance of price elasticity of supply for consumers and producers
17
cards
2.4 Price
• explain price as a reflection of worth and its role in determining an efficient
distribution of resources
• explain what is meant by equilibrium price and quantity
• draw and analyse the interaction of demand and supply
• explain the role of markets in the determination of price and the allocation of
resources
• analyse how the market forces of demand and supply affect equilibrium price and
quantity
13
cards
2.5 Competition
• explain competition between producers in a market economy, including the
reasons why producers compete
• analyse how competition affects price
• evaluate the economic impact of competition on producers and consumers
• explain the meaning of monopoly and oligopoly and how they differ from
competitive markets
18
cards
2.6 Production
n • explain the role of producers, including individuals, firms and the government
• evaluate the importance of production and productivity for the economy
• calculate and explain total cost, average cost, total revenue, average revenue,
profit and loss
• evaluate the importance of cost, revenue, profit and loss for producers, including
how costs and revenues affect profit and supply
• explain what is meant by economies of scale
21
cards
2.7 The labour market
• explain the role and operation of the labour market, including the interaction
between workers and employers
• analyse the determination of wages through supply and demand, including factors
affecting the supply and demand of labour
• explain and calculate gross and net pay, including deductions through income tax,
national insurance and pension contributions
10
cards
2.8 The role of money and financial markets
• explain the role of money as a medium of exchange
• explain the role of the financial sector for the economy, including financial
institutions such as banks, building societies and insurance companies
• evaluate the importance of the financial sector for consumers, producers and
government
• analyse how different interest rates affect the levels of saving, borrowing and
investment
• calculate the effect on savings and borrowings of changes in the rate of interest.
19
cards
More about
OCR Economics Unit 1
- Class purpose General learning
Learn faster with Brainscape on your web, iPhone, or Android device. Study Puvith Hewage's OCR Economics Unit 1 flashcards now!
How studying works.
Brainscape's adaptive web mobile flashcards system will drill you on your weaknesses, using a pattern guaranteed to help you learn more in less time.
Add your own flashcards.
Either request "Edit" access from the author, or make a copy of the class to edit as your own. And you can always create a totally new class of your own too!
What's Brainscape anyway?
Brainscape is a digital flashcards platform where you can find, create, share, and study any subject on the planet.
We use an adaptive study algorithm that is proven to help you learn faster and remember longer....
Looking for something else?
Economics Unit 1
- 12 decks
- 232 flashcards
- 42 learners
Decks:
The Economic Problem, The Allocation Of Resources In A Free Ma, Production And Efficiency, And more!
Economics OCR Alevel
- 39 decks
- 1047 flashcards
- 73 learners
Decks:
Chapter 1, Chapter 2, Chapter 3, And more!
