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Phoebe L
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Decks in this class (19)
1.1.2 & 1.1.3 Positive And Normative Economics & Economic Problem
Hh,
Normative economics,
Normative issues when we use it
22
cards
1.1.4 & 1.2.7 Production Possibility Frontier & Price Mechanism
Production possibility frontier,
Point on the ppf curve,
Point outside the ppf
12
cards
1.1.6 Free market economies, mixed economy and command economy
Command economies centrally plann...,
Mixed economy,
Free market pure economy
26
cards
1.2.1 Rational Decision Making
Assumptions between consumers and...,
Assumptions between producers and...,
Do most producers firms aim to ma...
8
cards
1.2.2 Demand
Demand,
Demand curve,
Demand curve example
15
cards
1.2.3 Price, Income and Cross Elasticities of Demand
Price elasticity of demand,
Price elasticity of demand equation,
Price elastic
36
cards
1.2.4 Supply
Supply,
Supply curve graph,
Why do higher prices mean greater...
8
cards
1.2.6 Determination Of Market Prices
Equilibrium price and quantity graph,
Market clearing price,
Price above equilibrium price graph
21
cards
1.2.8 Consumer & Producer Surplus
Consumer surplus,
Producer surplus,
Consumer surplus on diagram
14
cards
1.2.9 Indirect Taxes And Subsidies
Tax,
Reason for tax,
Direct tax
37
cards
1.2.10 Alternative Views Of Consumer Behaviour
Bounded rationality,
Herding,
Why is herding irrational result ...
24
cards
1.3.1 & 1.3.3 Types Of Market Failure & Public Goods
Market failure,
Types of market failure,
Private goods
25
cards
1.3.2 Externalities
Externalities,
Market failure,
External costs negative externali...
36
cards
1.3.4 Information Gaps
Information failure,
Competitive markets information a...,
Difference between imperfect and ...
38
cards
1.4.1 Government Intervention In Markets
Main types of government interven...,
Purpose of indirect taxation,
Ad valorem tax diagram
45
cards
1.4.2 Government Failure
Government failure,
Consequences of government failure,
Causes of government failure
17
cards
1.1.5 Specialisation And The Division Of Labour
Adam smith division of labour,
Henry force division of labour,
Advantages of division of labour
9
cards
1.2.7 Price Mechanism
Price mechanism,
Types of price mechanism,
Signalling
7
cards
Case Studies
Undeveloped countries,
What is venezuela s inflation like,
What is venezuela s balance of tr...
67
cards
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Theme 1
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