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AS Level Microeconomics

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

By: Shahab Ahmadyar
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Decks in this class (22)

LS1- The Economics Problem & LS2- Models in Economics
Scarcity,
Factors of production,
Working capital
11  cards
LS3- Opportunity Cost and PPF
Production possibility frontier,
Opportunity cost,
Economic growth
9  cards
LS4- Positive and Normative Economics
Positive economic statements,
Normative economic statements
2  cards
LS5- Specialisation
Specialisation,
Division of labour,
Advantages of division of labour
7  cards
LS6- Types of Economy
Command economy,
Mixed economy,
Free market economy
7  cards
LS7- Decision Making in Economics
Deduction,
Induction,
Rational decision
8  cards
LS8- Demand
Demand,
Law of demand,
How does a change in price reflec...
6  cards
LS9- Supply
Supply,
Revenue,
Law of supply
4  cards
LS10- Price Determination
Excess demand,
Excess supply,
Market
3  cards
LS11- Taxes and Subsidies
Direct tax,
Indirect tax,
Specific tax
5  cards
LS12- Elasticity
Ped,
Determinants of ped splat,
Pes
4  cards
LS13- Consumer and Producer Surplus & LS14- DMU
Consumer surplus,
Producer surplus,
Surplus and tax burden and subsid...
6  cards
LS15- XED and YED
Cross elasticity of demand xed,
Income elasticity of demand yed,
Inferior goods
5  cards
LS18- Public Goods
Public goods,
Public goods evaluation,
Free rider problem
3  cards
LS16- Price Mechanism
Prices rise price mechanism,
Prices,
Price changes when demand is elastic
5  cards
LS17- Market Failure and Externalities
What is a market failure,
External cost,
External benefit
8  cards
LS19- Information Gaps
How do information gaps lead to m...,
Perfect knowledge,
Symmetric knowledge
6  cards
LS20- Max and Min Prices
Maximum price,
What does a maximum price do,
Maximum price impacts on key stak...
7  cards
LS21- Trade Pollution Permits
Trade pollution permits,
Advantages of ets,
Disadvantages of ets
3  cards
LS22- Regulation
Regulation,
Forms of command,
Forms of control
3  cards
LS23- Government Failure
Government failure,
Consequences of government failure,
Distortion of price signals
6  cards
Rephrasing
Prices go up when there s more de...,
If a company makes more products ...,
People buy less when things get t...
6  cards

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AS Level Microeconomics

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