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Esme Crompton
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Decks in this class (41)
1.1.1 Economics as a social science
Define microeconomics,
Define the economic problem,
What is a model
10
cards
1.1.2 Positive and Normative Economic Statements
What is a positive economic state...,
What is a normative economic stat...,
Is most healthcare should be prov...
4
cards
1.1.3 The Economic Problem
What is the economic problem,
Define,
Scarcity
24
cards
1.1.4 Production Possibility Frontiers
Define the ppf,
Define efficiency,
Explain the concept of trade offs
17
cards
1.1.5 Specialisation and the Division of Labour
Define specialisation,
Define division of labour,
Which economist explained divisio...
30
cards
1.1.6 Types of Economies
What is resource allocation,
What are the three types of economy,
What is a market economy
46
cards
1.2.1 Rational Decision-Making
Define a market,
What is rational decision making,
How do firms and consumers do rat...
18
cards
1.2.1 Irrational Behaviour
Define irrational behaviour,
What are the types of irrational ...,
Define emotional decision making
19
cards
1.2.2 Demand
Define demand,
How is demand different to wants,
What is latent demand
31
cards
1.2.3 Price Elasticity Of Demand
Define ped,
What is the formula for ped,
Define inelastic ped
33
cards
1.2.3 Income Elasticity of Demand
Define income elasticity of demand,
What is the formula for yed,
What is the value for perfectly i...
17
cards
1.2.3 Cross Elasticity of Demand
Define cross elasticity of demand,
What is the formula for xed,
What is the relationship between ...
19
cards
1.2.4 Supply
Define supply,
Define a firm,
Describe the relationship between...
26
cards
1.2.5 Price Elasticity Of Supply
Define pes,
What is the formula for pes,
Define inelastic pes
18
cards
1.2.6 Price Determination
Define market equilibrium,
What is disequilibrium,
Define excess supply
13
cards
1.2.7 The Price Mechanism
What is the price mechanism,
What are the functions of the pri...,
Explain rationing as a function o...
8
cards
1.2.8 Consumer and Producer Surplus
Define consumer surplus,
Where is consumer surplus shown o...,
What causes a change in consumer ...
16
cards
1.2.9 Indirect Taxes and Subsidies
Define indirect taxes,
What are the two types of indirec...,
What are some of the main indirec...
26
cards
1.3.1 Market Failure and Externalities
Define market failure,
Why does market failure arise,
Define externalities
27
cards
1.3.1 Using Diagrams to Illustrate Externalities
Define marginal private costs,
Define marginal external costs,
Define marginal social costs
11
cards
2.1.1 Economic Growth
Define macroeconomics,
Name the seven possible macro eco...,
Explain the rationale behind stab...
67
cards
2.1.1 Causes of Economic Growth
What causes short term growth,
How do we show short term growth ...,
How do we show short term growth ...
9
cards
2.5.4 Consequences of Economic Growth
What are the benefits of economic...,
Explain how economic growth cause...,
Explain how economic growth reduc...
15
cards
2.1.2 Inflation
Define inflation,
What are the consequences of infl...,
What is the uk inflation target a...
14
cards
2.1.2 Causes of Inflation
What are the three causes of infl...,
Define demand pull inflation,
Why does demand pull inflation occur
35
cards
2.1.3 Employment and Unemployment
What is the uk working age,
Define economically active,
What is economically active also ...
33
cards
2.1.3 Causes of Unemployment
What are the causes types of unem...,
Define structural unemployment,
Give an example of structural une...
24
cards
2.1.4 Balance of Payments
Define the balance of payments,
What are the three sections of th...,
Why is the current account the ma...
26
cards
2.1.4 Causes of a Trade Deficit on Current Account on BoP
How does an appreciation of the c...,
How does the uk experiencing econ...,
How does uk membership of the eu ...
6
cards
2.2.1 Components of Aggregate Demand
Define aggregate demand,
Which groups spend money demand o...,
What are the four components of a...
24
cards
2.2.2 Consumption
Defin,
Define disposable income,
Where might consumer income come ...
15
cards
2.2.3 Investment
Define investment,
What is capital stock,
What are the three types of capit...
14
cards
2.2.4 Government Spending
Define government spending,
What are the three types of gover...,
Define transfer payments
24
cards
2.2.5 Net Exports
Define net exports,
Why are exports deducted,
What are the five causes of a cha...
16
cards
2.4.1 National Income
Define circular flow of income,
What goes from households to firm...,
What goes from firms to household...
16
cards
2.4.2 Injections And Withdrawals
What are injections,
What are withdrawals,
Give three examples of injections
9
cards
2.4.4 The Multiplier
What is the relationship between ...,
What is the multiplier process,
Define the multiplier effect
20
cards
2.3.1 Characteristics Of AS And 2.3.2 Short-Run AS
Define aggregate supply,
Define short run aggregate supply,
What is assumed in sras
11
cards
2.3.3 Long Run Aggregate Supply
Define lras,
What are the two views of lras,
Describe the classical view of lras
20
cards
2.4 Macroeconomic Equilibrium
What is short run equilibrium,
What does sras determine,
What does an increase in ad lead to
8
cards
2.5.2 Output Gaps
Define an output gap,
What is potential output,
What is a negative output gap
12
cards
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