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By:
Kit Hogan
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Decks in this class (26)
1.1.1 Economics as a social science
Social science,
Ceteris paribus
2
cards
1.1.2 Positive and Normative statements
Positive statement,
Normative statement,
Role in policy making
3
cards
1.1.3 The economic problem
The economic problem,
Opportunity cost,
Economy
7
cards
1.1.4 PPF
Ppf,
Constant opportntiy cost,
Increasing opportunity cost
7
cards
1.1.5 Specialisation and division of labour
Specialisation,
Division of labour,
Advantages increased productivity
14
cards
1.1.6 Free market economics, mixed economy and command economy
Free market economy,
Advantages free market economy,
Disadvantages free market economy
10
cards
1.2.1 Rational decision making
1
cards
Demand
Demand,
Derived demand,
Composite demand
4
cards
Shifting the demand curve
Population,
Income,
Substitutes
7
cards
Factors influencing the PED
Necessity,
Luxury,
Substitutes
5
cards
Price elasticity of demand - PED
Price elasticity of demand,
Ped impact on total revenue,
Formula
8
cards
Income elasticity of demand - YED
Income elasticity of demand,
Formula,
Inferior goods
5
cards
Cross elasticity of demand - XED
Cross elasticity of demand,
Formula,
Complements
4
cards
1.2.4 Supply
Supply,
Upward sloping,
1 productivity factors that shift...
9
cards
1.2.5 Elasticity of supply
Price elasticity of supply,
Formula,
Relatively price elastic
12
cards
1.2.6 Price determination
Market,
Price equilibrium,
Excess demand
4
cards
1.2.7 Price mechanism
Price mechanism,
Signalling function,
Incentive function
4
cards
1.2.7 Consumer and producer surplus
C,
Producer surplus
2
cards
1.2.9 Indirect taxes and subsidies
Indirect tax,
Subsidies
2
cards
1.2.10 Alternative views of consumer behaviour
Consumers,
Firms,
Alternative views of consumer beh...
5
cards
1.3.1 Types of market failure
Market failure,
Types of market failure externali...,
Types of market failure under pro...
4
cards
1.3.2 Externalities
Private costs,
Private benefits,
External costs
10
cards
1.3.3 Public goods
Public goods,
Non rival,
Non excludable
4
cards
1.3.4 Information gaps
Symmetric information,
Asymmetric information,
Imperfect market information
5
cards
1.4.1 Government intervention
Indirect taxation advantages,
Indirect disadvanatges,
Indirect taxation advantages
19
cards
1.4.2 Government failure
Government failure,
Causes of government failure dist...,
Causes of government failure
5
cards
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ECO - Theme - 1
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