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Aarnav Suresh
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Decks in this class (29)
Scarcity, choice and opportunity cost chapter 1
Fundamental economic problem,
Resources,
Wants
13
cards
economic methodology chapter 2
Macroeconomics,
Microeconomies,
Economics
13
cards
factors of production chapter 3
Entrepreneur,
Factors of production,
Land
21
cards
Resource allocation in different economic systems chapter 4
Middle income economies,
Economic system,
Market economy
17
cards
Production possibility curves chapter 5
Production possibility curve,
How the production possibility cu...,
The production possibility curve ...
12
cards
classification of goods and services chapter6
Three groups that economists clas...,
Excludability,
Rivalry
19
cards
demand supply curves chapter 7
Price mechanism,
Consumers,
Market
49
cards
price elasticity, income elasticity and cross elasticity of demand chapter 8
Elasticity,
Elastic,
Inelastic
36
cards
the interaction of demand and supply chapter 10
Equilibrium,
Disequilibrium,
Equilibrium price
32
cards
price elasticity of supply chapter 9
Price elasticity of supply,
Price elastic supply,
Price inelastic supply
20
cards
consumer and producer surplus chapter 11
Consumer policy,
How does a price fall affect demand,
How does a rise in price affect d...
8
cards
reasons for government intervention in markets chapter 12
Market failure,
What is the ideal situation of th...,
When does market failure occur
14
cards
methods and effects of government intervention in markets chapter 13
Types of indirect tax,
Ad valorem tax,
Specific tax
47
cards
addressing income and wealth inequality chapter 14
Wealth,
Income,
Forms of income
28
cards
national income statistics chapter 15
National income,
National income statistics,
Why does a government measure a c...
41
cards
introduction to the circular flow of income chapter 16
What does circular flow of income...,
Open economy,
Closed economy
16
cards
aggregate demand and aggregate supply analysis chapter 17
Aggregate demand,
What does aggregate demand describe,
Factors of aggregate demand
84
cards
economic growth chapter 18
Economic development,
What does economic growth indicate,
Economic growth
40
cards
unemployment chapter 19
Unemployment,
Homemakers,
Economically inactive
67
cards
price stability chapter 20
Price stability,
Inflation rate,
Inflation
78
cards
government macroeconomic policy objectives chapter 21
Inflation target,
Reasons why a government would no...,
What inflation rates do central b...
10
cards
fiscal policy chapter 22
Fiscal policy,
Budget,
Udget surplus
83
cards
monetary policy chapter 23
Central bank,
Commercial banks,
Monetary policy
35
cards
Supply side policy chapter 24
Infrastructure,
Supply side policy,
How do governments use supply sid...
25
cards
the reasons for international trade chapter 25
Factor endowment,
Absolute advantage used in the co...,
Why does international trade take...
36
cards
protectionism chapter 26
Protectionism in international trade,
Tools of protection and impact,
Tariffs custom duties
52
cards
current account of the balance of payments chapter 27
Dividend payments,
Exchange rate,
Balance of payments account
44
cards
exchange rates chapter 28
Foreign exchange rate,
Foreign exchangemarket,
What determines the price of the ...
26
cards
policies to correct imbalances in the current account of the balance of payments chapter 29
How does a country not get into i...,
Why may governments welcome more ...,
Why may government encourage a su...
22
cards
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