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Niamh Steadman
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Decks in this class (22)
1.1.1 Economics as a social science
Models and theories are built upo...,
What are assumptions 2,
What is the ceteris paribus assum...
4
cards
1.1.2 Positive and Normative Statements
What are positive statements 1,
What are normative statements 2,
Is value judgement important 3
3
cards
1.1.3 The Economic Problem
What is the main purpose of econo...,
What is the basic economic model 2,
With the basic economic model wha...
15
cards
1.1.4 Production Possibility Frontiers
What is a production possibility ...,
Describe the trend as we move dow...,
Explain the shape of the ppf 3
12
cards
1.1.5 Specialisation and the Division of Labours
What is specialisation 1,
What is division of labour 2,
Who wrote about division of labou...
8
cards
1.1.7 Free Market Economies, Mixed and Command Economies
What is an economic system 1,
What are the three type of econom...,
Describe a free market economy 3
12
cards
1.2.1 Rational Decision Making
How does rationality link to cons...,
Rational choice model assumes the...,
What does utility measure 3
8
cards
1.2.2 Demand
What is demand 1,
What is effective demand 2,
What is derived demand 3
17
cards
1.2.3 Price, Income, and Cross Elasticies
What is price elasticities of dem...,
What is the basic formual for the...,
If ped 0 demand is what 3
34
cards
1.2.4 Supply
What is supply 1,
What is the law of supply 2,
What does a supply show the relat...
10
cards
1.2.5 Elasticity of Supply
What is price elasticity of suppl...,
If supply is elastic 2,
If supply is inelastic 3
9
cards
1.2.6 Price Determination
What is equilibrium in terms of d...,
What a equilibrium price on a sup...,
What can lead to a change in equi...
7
cards
1.2.7 Price Mechanism
What is the price mechanism 1,
What are the three functions of p...,
What is the signalling function 3
12
cards
1.2.8 Consumer and Producer Surplus
What is consumer surplus 1,
How is consumer surplus represent...,
What happens to consumer surplus ...
19
cards
1.2.9 Indirect taxes and subsidies + Maximum and minimum prices
An indirect tax is 1,
An indirect tax will increase the...,
Does a tax cause a movement along...
42
cards
1.2.10 Alternate view on consumer behaviour
0
cards
1.3.1 Types of Market Failure
What is the main role of price in...,
Market failure exists when 2,
Why does market failure exist in ...
8
cards
1.3.2 Externalities
What is an externality 1,
Why do externalities lead to mark...,
Externalities can be either 3
27
cards
1.3.3 Public Goods
What is a public good 1,
Give examples of public goods 2,
Why do public goods cause market ...
15
cards
1.3.4 Information Gaps
What is information failure 1,
Causations of information gaps 2,
Examples of information gaps 3
14
cards
1.4.1 Government Intervention in Markets
Apart from taxations and subsidie...,
What is a regulation and legislat...,
Describe 12 benefits to regulatio...
13
cards
1.4.2 Government Failure
What leads to government failure 1,
The intervention by the governmen...,
What are the 4 main causes of mar...
11
cards
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Topic 1 - Micro
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