1
Q
The price mechanism acts as an…
A
incentive to work hard
2
Q
If buyers have more money…
A
they are able to buy more products
3
Q
If suppliers produce more of their good…
A
they will make more money
4
Q
What acts as an incentive for consumers to buy more of a good?
A
low prices
5
Q
What acts as an incentive to suppliers to sell more goods?
A
high prices
A Level Eco - Micro 1
flashcards
Decks in class (90)
# Cards
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Th1: Definitions 116
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Th1: Definitions 219
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Th1: Definitions 318
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Th1: Definitions 417
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Th1: Definitions 59
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Th3: Definitions 118
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Th3: Definitions 218
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Th3: Definitions 316
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Th3: Definitions 418
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Th3: Definitions 56
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Th1.1: The Economic Problem4
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Th1.1: Production Possibility Frontiers15
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Th1.1: Specialisation4
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Th1.1: Specialisation and DOL in Organising Production10
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Th1.1: Specialisation in Production of Goods and Services to Trade8
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Th1.1: Functions of Money5
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Th1.1: Free Market Economies19
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Th1.1: Command Economies17
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Th1.1: Mixed Economies5
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Th1.2: Rational Decision Making5
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Th1.2: Movements and Shifts of D curve6
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Th1.2: The Conditions of Demand9
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Th1.2: Diminishing Marginal Utility6
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Th1.2: Price, Income and XED17
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Th1.2: Factors influencing PED14
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Th1.2: Significance of PED17
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Th1.2: PED and Revenue3
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Th1.2: Income Elasticity of Demand (YED)11
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Th1.2: Cross Elasticity of Demand (XED)9
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Th1.2: Movements and Shifts of S Curve6
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Th1.2: Conditions of Supply9
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Th1.2: Supply Curve4
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Th1.2: PES18
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UNFINISHED Th1.2: Factors affecting PES1
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Th1.2: Price Determination4
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Th1.2: Excess Demand4
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Th1.2: Excess Supply3
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Th1.2: Price Mechanism4
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Th1.2: The Rationing Function2
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Th1.2: The Signalling Function4
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Th1.2: The Incentive Function5
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Th1.2: Price Mechanism in Local Markets1
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Th1.2: Price Mechanism in National Markets2
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Th1.2: Price Mechanism in Global Markets2
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Th1.2: Consumers and Producer Surplus14
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Th1.2: Shifts of Demand and Supply6
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Th1.2: Indirect Taxes7
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Th1.2: Impacts of a Tax9
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Th1.2: The Incidence of Tax6
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Th1.2: Subsidies4
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Th1.2: Influences of Other People4
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Th1.2: Influences of Habitual Behaviour4
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Th1.2: Consumer Weakness at Computation3
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Th1.3: Externalities6
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Th1.3: Under-provision of Public Goods3
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Th1.3: Information Gaps2
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Th1.3: Private, External and Social Costs and Benefits13
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Th1.3: Negative Production Externalities7
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Th1.3: Positive Consumption Externalities7
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Th1.3: Government Intervention6
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Th1.3: Public Goods4
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Th1.3: Free Rider Problem4
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Th1.3: Information Gaps 211
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Th1.4: Indirect Taxation6
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Th1.4: Advantages of Indirect Taxation3
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Th1.4: Disadvantages of Indirect Taxation8
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Th1.4: Subsidies 25
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Th1.4: Advantages of Subsidies3
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Th1.4: Disadvantages of Subsidies6
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Th1.4: Maximum and Minimum Prices2
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Th1.4: Maximum Prices6
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Th1.4: Minimum Prices5
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Th1.4: Advantages of Max and Min Prices4
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Th1.4: Disadvantages of Max and Min Prices5
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Th1.4: Buffer Stock Scheme7
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Th1.4: Tradable Pollution Permits6
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Th1.4: Advantages of Tradable Pollution Permits5
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Th1.4: Disadvantages of Tradable Pollution Permits4
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Th1.4: Advantages of State Provision of Public Goods5
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Th1.4: Disadvantages of State Provision of Public Goods6
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Th1.4: Advantages of Provision of Information4
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Th1.4: Disadvantages of Provision of Information6
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Th1.4: Regulation2
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Th1.4: Advantages of Regulation2
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Th1.4: Disadvantages of Regulation8
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Th1.4: Government Failure3
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Th1.4: Gov Failure: Distortion of Price Signals4
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Th1.4: Gov Failure: Unintended Consequences2
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Th1.4: Gov Failure: Excess Administration Costs3
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Th1.4: Gov Failure: Information Gaps3
