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AS Economics flashcards

This class was created by Brainscape user Ahmed Bezzi. Visit their profile to learn more about the creator.

By: Ahmed Bezzi
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Decks in this class (13)

Scarcity, Choice, & Opportunity Cost 1.1
What are the factors of production,
Define the term opportunity cost,
Define the term capital
3  cards
1.2 Economic Methodology
Define the term social science,
Define the term positive statement,
Define the term normative statement
3  cards
1.3 Factors of Production
What are the factors of production,
What a,
What is enterprise entrepreneurship
5  cards
1.4 Resource allocation in different economic systems
Define the term specialization,
List 5 advantages of specialization,
List 4 disadvantages of specializ...
19  cards
1.5 Production Possibility Curves
What do pp curves show us,
What s the difference between a c...,
What is the difference between a ...
7  cards
1.6 Classification of goods and services
Define the term free goods,
Define the term economic goods,
Define the term public goods
10  cards
2.1 Demand and Supply curves
Define the term demand,
Define the term law of demand,
Define the term ceteris paribus
14  cards
2.2 Price, income and cross elasticity of demand
Define the term price elasticity ...,
How can we calculate the ped,
How can we calculate the percenta...
27  cards
2.3 Price Elasticity of Supply.
Define the term price elasticity ...,
How can we calculate the pes,
If the result of the pes is 1 the...
8  cards
2.4 The interaction of supply and demand
Define the term equilibrium,
Define the term disequilibrium,
Define the term equilibrium price
13  cards
2.5 Consumer and producer surplus
Define the term consumer surplus,
Define the term producer surplus,
Define the term society surplus
3  cards
3.1 Reasons for government intervention in markets
Define the term market failure,
What are the situations where mar...
2  cards
3.2 Methods and effects of government intervention in markets
Define the term maximum price,
Define the term minimum price,
Define the term buffer stock scheme
4  cards

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AS Economics flashcards

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