This class was created by Brainscape user Chelsea Breton. Visit their profile to learn more about the creator.
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Chelsea Breton
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Decks in this class (23)
Chapter 1: Economic problem and opportunity cost
Define scarcity,
Define economic goods,
Define free goods
15
cards
Chapter 2: Allocation of resources, specialisation and trade
Define resource allocation,
Define market economy,
Define centrally planned economy
11
cards
Chapter 3: Demand
Define demand,
Define joint demand,
Define composite demand
12
cards
Chapter 4: Supply
Define competitive market,
Define supply curve,
Define competitive supply
5
cards
Chapter 5: The interaction of markets
Define market equilibrium,
Define excess supply,
Define excess demand
3
cards
Chapter 6: Elasticity
Define elasticity,
Define price elasticity of demand...,
What s the formula for ped
12
cards
Chapter 7: Prices, resource allocation and concept of the margin
Define marginal principle,
Define rational decision making,
Define utility
8
cards
Chapter 8: Market failure and externalities
Define market failure,
Define marginal social benefit,
Define marginal social cost
13
cards
Chapter 9: Market failure: information failure and public goods
Define asymmetric information,
Define adverse selection,
Define moral hazard
11
cards
Chapter 10: Government intervention and government failure
Define indirect tax,
Define direct tax,
Define polluter pays principle
10
cards
Chapter 11: Cost, economies of scale, revenue and profit
Define firm business,
Define short run,
Define long run
23
cards
Chapter 12: Objectives of business
Define principle agent problem,
Define x inefficiency,
Define bounded rationality
7
cards
Chapter 13: Market structure: perfect competition
Define market structure,
Define barrier to entry,
Define perfect competition
6
cards
Chapter 14: Market structure: monopoly
Define monopoly,
Define price maker,
Define dynamic efficiency
10
cards
Chapter 15: Monopolistic competition, oligopoly and contestable markets
Define monopolistic competition,
Define product differentiation,
Define oligopoly
10
cards
Chapter 16: The demand for labour
Define derived demand,
Define marginal revenue product o...,
Define marginal revenue product t...
5
cards
Chapter 17: The supply of labour
Define non pecuniary benefits,
Define transfer earnings,
Define economic rent
3
cards
Chapter 18: The interaction of labour markets
Define monopsony,
Define trade union,
Define bilateral monopoly
3
cards
Chapter 19: The circular flow of income and aggregate demand
Define circular flow of income,
Define leakages,
Define injections
11
cards
Chapter 20: Aggregate supply and the interaction of aggregate demand and supply
Define short run aggregate supply,
Define neoclassical economists,
Define monetarist school
5
cards
Chapter 21: The multiplier and the accelerator
Define multiplier,
Define average propensity to consume,
Define marginal propensity to con...
9
cards
Chapter 22: Economic growth
Define long run economic growth,
Define short run economic growth,
Define nominal value
16
cards
Chapter 23: Development
Define development,
Define primary sector,
Define secondary sector
6
cards
More about
A-Level Economics
- Class purpose General learning
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