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N M
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Decks in this class (10)
Chapter 1: Introduction to economics
What is the definition of economics
1
cards
Topic no. 6: Production and its Costs
- Distinguish between fixed and variable inputs
- Understand Short Run Productions
* Law of Diminishing Returns
* Total Products
* Marginal product
* Average product
- Understand Short Run Cost Curves
* Total Cost Curves
* Average cost curves
* Marginal cost curves
- Understand the Long Run Cost Curve
* Economies and Diseconomies of Scale
27
cards
Topic no. 7: Market structure
- Distinguish the firm and industry
- Explain the meaning of market structure
- Understand and identify the four market structures based on their characteristics
17
cards
Topic no.8 Profit maximisation and shutdown condition
- Define and calculate the following:
i) Total revenue
ii) Average revenue
ii) Marginal revenue
- Apply profit maximisation rule
- Understand how to tell whether the firm should continue production or shutdown
5
cards
Topic no. 9: Unemployment and inflation
Understand:
- Definition of unemployment rate and labour force participation rate
- Types of unemployment
- Limitations of the Official Unemployment Rate
- Full Employment and Natural Rate of Unemployment
- Causes of inflation
- Measuring inflation - the CPI
- Consequences of inflation
- Limitations of the CPI
0
cards
Topic no. 10: Gross Domestic Product
Understand:
- Concept of Gross Domestic Product
- Real GDP
- Three approaches to calculating GDP
- Limitations of GDP
- Business cycles
0
cards
Topic no. 11: Aggregate Demand and Aggregate Supply - Consumption and Investment
Understand:
- When is the economy at equilibrium
- Components of Aggregate Demand
- Multiplier effect
- How output changes when AD changes
- Determinants of consumption
- Determinants of investment
0
cards
Topic no. 12: Fiscal Policy
Understand:
- What role does the government play in an economy
- Sources of Government Revenue
- Areas of Government Expenditure
- The Government Budget
- Discretionary FP - Expansionary and Contractionary FP
- Effects of a change in G and T
- Evaluation of FP
- Automatic Stabilisers
0
cards
Topic no. 13: Monetary Policy
Understand:
- What the functions of money are
- credit creation process
- know role of central bank
- how Monetary Tools work
- how money market works
- Monetary policy
0
cards
Topic no. 14: International trade and finance
Understand:
- The Economic Basis for Trade
- The Case for Free Trade
- Two types of trade barriers: tariffs and quotas
- The case for protectionism
- The foreign exchange market
- Determination of exchange rate
- Factors that determine the equilibrium exchange rate of S$
- Exchange Rate Regimes
- Balance of Payments
0
cards
More about
Economics
- Class purpose General learning
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