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Elise HELME
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Decks in this class (14)
chapter 1.1: The basic economic problem key words
Resources 1,
Basic economic problem 2,
Scarcity 3
17
cards
Econ test chapter 1.2 (Factors of production)
What are factors of production 1,
Consumer goods 2,
Labour productivity 3
52
cards
Econ test chapter 1.3 (opportunity cost)
Opportunity cost 1,
People cannot _______ opportunity...,
Example of opportunity cost 3
15
cards
Econ test chapter 1.4 (Production possibility curve)
What does a production possibilit...,
What does a production possibilit...,
Blank 3
19
cards
econ chapter 2.1 (micro & macroeconomics)
What is microeconomics 1,
Microeconomics is a study of 2,
What is macroeconomics 3
10
cards
econ chapter 2.2 (the role of markets in allocating resources)
What does the size of an economy ...,
How does a market system work 2,
What does a market system consist...
31
cards
Chapter 2.3 & 2.4 Demand and Supply
What is supply 1,
What is demand 2,
Market supply 3
85
cards
econ chapter 2.5 (Price determination)
What are two ways prices are dete...,
What do market prices move 2,
Explain how market forces would r...
6
cards
econ chapter 2.6 (price changes)
When does price change 1,
The effect of an increase in dema...,
The effect of a decrease in demand 3
12
cards
Econ chapter 2.7 (Price elasticity of demand)
How do you define price elasticit...,
What is the equation for ped 2,
How do you calculate percentage c...
43
cards
Econ chapter 2.8 (Price elasticity of supply)
Define pes 1,
What is the pes figure always goi...,
When will value of pes be 1 3
21
cards
Chapter 2.9 Market economy
What does the advantages of a mar...,
What are the benefits of a market...,
Define consumer sovereignty 3
31
cards
Chapter 2.10 Market failure
When does market failure occur br...,
What are the types of market fail...,
What does failure to take into ac...
42
cards
Chapter 2.11 Mixed economic system
Define a mixed economy 1,
What two types of price controls ...,
What are the different types of g...
62
cards
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