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Decks in this class (14)
1.2.1 Rational Decision Making
Explain the neo classical theory 1,
Define rationality acting in a ra...,
Define utility 3
10
cards
1.2.2 Demand
Define demand 1,
Basic law of demand 2,
Define extension of demand 3
27
cards
1.2.3 - Price Elasticity of Demand
Define elasticity 1,
Define price elasticity of demand...,
Ped formula 3
19
cards
1.2.3 - Income Elasticity of Demand
Define income elasticity of deman...,
Equation for income elasticity of...,
Name two types of goods 3
15
cards
1.2.3 - Cross Elasticity of Demand
Define cross elasticity of demand...,
Equation for cross elasticity of ...,
Define substitute goods 3
5
cards
1.2.4 - Supply
Define supply 1,
What causes movement along the su...,
How does price cause movement alo...
17
cards
1.2.5 - Elasticity of supply
Define price elasticity of supply...,
Is pes always a positive number 2,
Name the determinants of price el...
11
cards
1.2.3 , 1.2.5 - Elasticities Limitations for Business Decision Making
Name the elasticities with busine...,
Name three three criticisms disad...,
Explain elasticities are only est...
5
cards
1.2.6 - Price Determination
Define market 1,
Define equilibrium 2,
Another name for equilibrium 3
11
cards
1.2.7 - Price Mechanism
Define price mechanism 1,
Name the four function of price m...,
Explain rationing function 3
12
cards
1.2.8 - Consumer and producer surplus
Define consumer surplus 1,
Define producer surplus 2,
Define society surplus 3
4
cards
1.2.9 - Indirect Taxes
Name two types of taxes 1,
Name two types of indirect taxes 2,
Define direct tax 3
21
cards
1.2.9 Subsidies
Define subsidy 1,
Examples of subsidies 2,
Justifications for subsidies for ...
6
cards
1.2.10 - Alternative views of Consumer Behaviour
What do neo classical economics a...,
Reasons why consumers may not beh...,
Define irrational 3
6
cards
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1.2 - How markets work
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