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Decks in this class (82)
Macro: 4.4.3 Role of central banks
What is the primary role of the c...,
How does the central bank act as ...,
What significant change occurred ...
13
cards
4.1.1 Globalisation
What does globalisation refer to 1,
How does the oecd define globalis...,
Globalisation can be defined as t...
38
cards
4.1.2 Specialisation and trade
What is the theory of comparative...,
Define absolute advantage 2,
Define comparative advantage 3
36
cards
4.1.6 Restrictions on free trade
What is the infant industry argum...,
Why do infant industries require ...,
True or false the infant industry...
53
cards
4.4.1 Role of financial markets
What are financial markets primar...,
Name the types of financial marke...,
What services do retail banks pro...
12
cards
Paper 3
What does popsicle stand for 1,
What does digestif stand for 2,
What is the mnemonics for identif...
3
cards
1.1.1 Economic as a social science
Blank 1,
Why do economists develop models 2,
What does theory and model mean 3
8
cards
1.1.2 Positive and normative economic statements
What is a positive statement give...,
What is a normative statement giv...,
When do economists tend to use po...
4
cards
1.1.3 The economic problem
What is the basic economic problem 1,
What is scarcity 2,
What questions do economies try t...
17
cards
1.1.4 Production possibility frontiers
What is the ppf 1,
Why does the ppf tend to be drawn...,
Does the ppf show what combinatio...
23
cards
1.1.5 Specialisation and the division of labour
What is specialisation 1,
What is the division of labour 2,
If a country wants to maximise th...
15
cards
1.1.6 Free market economies, mixed economy and
command economy
What are the 3 main kind of econm...,
What is laissez faire economies 2,
How do free market answer the bas...
12
cards
1.2.1 Rational decision making
What do consumers aim to maximise...,
What is utility 2,
What doe firms aim to maximise wh...
6
cards
1.2.2 Demand
What is demand 1,
A movement along the demand curve...,
A shift of the demand curve for e...
26
cards
1.2.3 Price, income and cross elasticities of demand
Define ped 1,
What is the formula for ped 2,
Why do we ignore the negative sig...
42
cards
1.2.4 Supply
Define supply 1,
A movement along the supply curve...,
A shift of the supply curve for e...
15
cards
1.2.5 Elasticity of Supply
What is price elasticity of suppl...,
What is the formula for pes 2,
Define unitary elastic pes what i...
19
cards
1.2.6 Price Determination
Draw and fully lable a supply and...,
What is the market clearing price 2,
What does the equilibrium point r...
11
cards
1.2.7 Price Mechanism
Which kind of economy uses the pr...,
What are the three main functions...,
How does the price mechnism use r...
9
cards
1.2.8 Consumer and producer surplus
Define conumers surplus 1,
Show consumer surplus on a digram 2,
Consumers surpluss is always repr...
23
cards
1.2.9 Indirect taxes and subsidies
What is an indirect tax 1,
What is an ad valorem tax 2,
What is a specific tax 3
32
cards
1.2.10 Alternative Views of Consumer Behaviour
What does it mean for consumers t...,
Do conumers always act rationally 2,
What does homo economicus reffer ...
7
cards
1.3.1 Types of Market Failure
What is market failure 1,
What is an externality in relatio...,
What is the under provision of pu...
11
cards
1.3.2 Externalities
What is an externality 1,
Why may it be hard to determine t...,
What are private costs 3
33
cards
1.3.3 Public Goods
What does it mean for something t...,
What does it mean for something t...,
Give an example of public good 3
8
cards
1.3.4 Information gaps
What is symmetric information 1,
What is asymmetric information 2,
How can advertising lead to infor...
6
cards
1.4.1 Government intervention in markets
What is goverment intervention 1,
What is the effect of an in indir...,
Hoe does indirect taxtion address...
30
cards
1.4.2 Government failure
What is governments failure 1,
How can government intervention l...,
How might unintended consequences...
5
cards
2.1.1 Economic growth
What is economic growth 1,
How is economic growth usally mea...,
Why may a knowing a countries gdp...
26
cards
2.1.2 Inflation
Define inflation 1,
Define deflation 2,
Define disinflation 3
25
cards
2.1.3 Employment and unemployment
What does unemployment represent ...,
The level of unemployment can be ...,
List the diffrent measures of une...
35
cards
2.1.4 Balance of payments
What is the balance of payments 1,
Define imports and exports 2,
What are the components of the cu...
28
cards
2.2.1 The characteristics of Aggregate Demand
Define ad 1,
What is the formula for ad 2,
What is consumption as a componen...
15
cards
2.2.2 Consumption
What is disposible income 1,
What is the most import factor de...,
What is mpc 3
23
cards
2.2.3 Investment
What is investment 1,
What happens to machinery over ti...,
What is gross investment 3
15
cards
2.2.4 Government spending
What does the impact of goverment...,
What are the main influences on g...,
How does the trade cycle inflence...
5
cards
2.2.5 Net trade
Define net trade 1,
List the factors wich influence n...,
How does real income influence th...
8
cards
2.3.1 The characteristics of Aggregate Supply
What is aggregate supply as 1,
What realtionship does as show 2,
Draw an sras digram 3
11
cards
2.3.2 Short-run AS
What is the difference btween inc...,
Classical what do they thinks abo...,
Classical what do they think abou...
21
cards
2.4.1 National income
Draw and lable the circular flow ...,
Explain the realtionship between ...,
What is national output 3
11
cards
2.4.2 Injections and withdrawals
What are injections give a list 1,
What are withdrawals give a list 2,
What is the relationship betweeen...
3
cards
2.4.3 Equilibrium levels of real national output
Where is the equilibrium position...,
Both keynesian and classical econ...,
Show on sras ad digram where ther...
26
cards
2.4.4 The Multiplier
What is the multiplier process 1,
Show the multiplier process on a ...,
What is the multiplier ratio 3
21
cards
2.5.1 Causes of Growth
What is needed for econmic growth...,
All economists agree that an incr...,
How can in increase in the qualit...
22
cards
2.5.2 Output Gaps
What is the long run trend rate o...,
What is actual growth 2,
What is an output gap 3
12
cards
2.5.3 Trade (Business) Cycle
What is the trade cycle 1,
What is a mild trade cycle 2,
Why does the trade cycle exsist 3
12
cards
2.5.4 The impact of economic growth
What is the impact of economic gr...,
What impact may econmic growth ha...,
What impact might economic growth...
7
cards
2.6.1 Possible macroeconomic objectives
What are the main macroeconomic o...,
Explain the macroeconomic objecti...,
Explain the macroeconomic objecti...
9
cards
2.6.2 Demand-side policies
What is demand side policy 1,
What is expansionary policy 2,
What is contractionary deflationa...
41
cards
2.6.3 Supply-side policies
What is the aim of supply side po...,
What economic agents may be influ...,
What are the diffrence types of s...
30
cards
2.6.4 Conflicts and trade-offs between objectives and policies
What are two macroeconomic object...,
What are the main conflicts betwe...,
How are economic growth vs protec...
12
cards
3.1.1 Sizes and types of firms
What are the reasons that some fi...,
What does it mean for there to be...,
How may the sepration of ownershi...
9
cards
3.1.2 Business growth
What are the two main types of gr...,
What is orgainic growth 2,
What are the advantages of organi...
24
cards
3.1.3 Demergers
What is a demerger 1,
List the main reasons for a demer...,
Explain how a lack of synergies b...
9
cards
3.2 Business Objectives
What are some possible business o...,
What does it mean for a firm to b...,
Why do we assume firms are profit...
24
cards
3.3.1 Revenue
What is total revenue 1,
What is average revenue 2,
What is marginal revenue 3
14
cards
3.3.2 Costs
What is the economic cost of prod...,
In the short run what type of pro...,
What happens to costs in the long...
61
cards
3.3.3 Economies & diseconomies of scale
What are economies of scale 1,
What results from economies of sc...,
What are diseconomies of scale 3
34
cards
3.3.4 Normal profits, supernormal profits and losses
What is profit defined as 1,
When is profit maximised accordin...,
Why is profit maximise wher mc mr 3
21
cards
3.4.1 Efficiency
Efficiency can be used to judge h...,
List the diffrent kinds of effici...,
What is allocative efficiency 3
9
cards
3.4.2 Perfect competition
Define perfect competition 1,
Give an example of an industry wi...,
List the main charteristics of pe...
19
cards
3.4.3 Monopolistic competition
Define monopolistic competition 1,
What are the main characteristics...,
Explain the effects of there bein...
14
cards
3.4.4 Oligopoly
What is an oligopoly 1,
What are the key charteristics of...,
What will the demand curve look l...
44
cards
3.4.5 Monopoly
What is a pure monopoly give an e...,
When would we legally consider a ...,
What do we assume if there is onl...
34
cards
3.4.6 Monopsony
What is a monopsony 1,
Give an example of a monopsony 2,
How will monopsony s treat their ...
11
cards
3.4.7 Contestability
What is contestability 1,
What is a constable market 2,
What are the key charteristics of...
20
cards
4.4.2 Market failure in the financial sector
What does the combination of spec...,
Define asymmetric information in ...,
What problem arises from asymmetr...
27
cards
3.5.1 Demand for labour
What does the demand curve show 1,
What is derived demand 2,
What are the main factors influen...
19
cards
3.5.2 Supply of labour
What does the supply of labour cu...,
List the factors inflenceing the ...,
How may wages inflence the supply...
21
cards
3.5.3 Wage determination in competitive and non-competitive markets
What factors cause wage rate to d...,
For the highest paid workers ther...,
How does an immobility of labour ...
48
cards
3.6.1 Government Intervention
What is the cma 1,
How can the cma penalise firms 2,
What does the cma consider when i...
19
cards
Trading block
What is a trading bloc 1,
List the diffrent kinds of tradin...,
What is a free trade area give an...
16
cards
Poverty
What does purchasing power parity...,
What is absolute poverty 2,
What is relative poverty 3
8
cards
Specialisation and aid
What does ppf stand for and what ...,
How do you calculate the opportun...,
What is a comparative advantage 3
12
cards
The World Bank, IMF and NGOs
What is debt relief 1,
What are the main ways world bank...,
How much money did the world bank...
6
cards
Globalisation
What is globalisation 1,
What are the key charteristics of...,
What is meant by fdi 3
16
cards
Savings Gaps
What are two main reasons for low...,
What is a savings gap 2,
How do low levels of investment a...
11
cards
Buffer stock
Why a buffer stock might increase...,
What will the pes ped ans yed be ...,
Explain the ped for primary produ...
10
cards
Impacts of Changes in Exchange Rates
What are the 6 factors that influ...,
What is the impact of a depreciat...,
How will a decrease in import exp...
29
cards
AS/AD Model
What does sick back flip atnad for 1
1
cards
MAC exchange rates
What are the determinants of curr...,
What are the determinants of curr...,
What are the effects of a change ...
5
cards
labour markets
What is excess supply known as in...,
When the wage is above the equili...,
When the wage is below the equili...
3
cards
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