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Jamie Emerick
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Decks in this class (26)
The basic economic problem--- The role of economic agents
What is the basic economic problem,
What are free goods,
What are economic goods
25
cards
Demand Curves/ Income + Substitution Effects
What is the income effect,
What is the substitution effect,
What does the demand curve show
4
cards
Determinants Of Demand
4 determinants of demand,
Which way does demand curve shift...,
Which was does demand curve shift...
7
cards
Intro To Elasticity
4 types of elasticity,
Why do we use elasticity,
How do we work out ped
6
cards
Price Elasticity Of Demand
When is price elastic,
When is price inelastic,
What is unit elasticity
3
cards
Factors Determining PeD
How does substitutability affect ped,
What happens if a product doesn t...,
How does ped change in the short ...
5
cards
Supply And Demand- Equilibrium
What is equilibrium,
What causes a supply shortage and...,
What causes a supply surplus and ...
3
cards
Producer Surplus
What is producer surplus,
What is producer surplus a measur...,
What is total surplus
3
cards
Shifts In Supply
Factors affecting supply,
How does a change in costs affect...,
How does business tax affect supply
3
cards
Consumer Surplus
What is consumer surplus,
What is price discrimination,
What is declining consumer surplus
3
cards
Supply
Law of supply,
What is supply
2
cards
Economic objectives and types of markets
Economic objectives for producers...,
Economic objectives for household...,
Economic objectives for governmen...
10
cards
opportunity costs/ Exchange and specialisation
What is opportunity cost,
What are goods known as if they h...,
What is an exchange
11
cards
Production possibility curves or PPF
What is a ppc,
What is assumed in a ppc,
Explain diminishing returns
3
cards
The function of money
Definition of barter,
Definition of money,
First function of money
5
cards
Introducing demand
What is demand,
What is effective demand,
How does the relationship between...
6
cards
Cross elasticity of demand (XeD)
What does xed measure,
How do you measure xed,
If xed is positive what are the t...
11
cards
Price elasticity of supply (PeS)
What does pes measure,
How do you measure pes,
What are the two main features of...
9
cards
Allocative efficiency/ market failure
What is allocative efficiency,
What does marginal mean,
What is equilibrium production an...
5
cards
Introduction to social costs/benefits
What are private costs and benefits,
What are external costs benefits,
What are social costs and benefits
4
cards
Negative externalities of consumption and production
What is an externality,
What happens to private and socia...,
What are negative externalities o...
6
cards
Positive externalities
Whats a positive externality,
What are private benefits,
What are external benefits
7
cards
Merit goods
What are merit goods and why are ...,
Example of a merit good,
Why do merit goods lead to market...
4
cards
De-merit goods
What are de merit goods,
Examples of de merit goods,
How does over consumption of de m...
7
cards
Information failure
What is information failure,
What is asymmetric information,
Examples of a lack of perfect kno...
7
cards
Public goods
What are public goods,
What are the two traits of public...,
Examples of public goods and quas...
6
cards
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Year 12Microeconomics
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