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Esme Crompton
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Decks in this class (29)
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
1.2.2 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
2.1.1 Economic Growth
Define macroeconomics,
Name the seven possible macro eco...,
Explain the rationale behind stab...
67
cards
2.1.2 Inflation
Define inflation,
What are the consequences of infl...,
What is the uk inflation target a...
14
cards
2.1.3 Employment and Unemployment
What is the uk working age,
Define economically active,
What is economically active also ...
33
cards
2.1.4 Balance of Payments
Define the balance of payments,
What are the three sections of th...,
Why is the current account the ma...
26
cards
2.2.1 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
2.2.3 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
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