This class was created by Brainscape user milana alexandrovna.
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milana alexandrovna
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Decks in this class (21)
1.1 what is economics (sl)
Define economics 1,
Define scarcity 2,
Define positive economics 3
44
cards
1.2 how do economics approach the world (sl)
Economic methodology 1,
Positive economics 2,
Normative economics 3
17
cards
2.1 demand (sl)
Define demand 1,
Define normal good 2,
Define inferior good 3
32
cards
2.2 supply (sl)
Supply 1,
Law of supply 2,
Why does the law of supply occur 3
43
cards
2.3 competitive market equilibrium (sl)
Market 1,
Surplus or excess supply 2,
Market equilibrium 3
18
cards
2.4 critique of the maximizing behaviour of consumers and producers (hl)
Define rational choice theory 1,
Define utility maximisation 2,
Define behavioral economics 3
24
cards
2.5 elasticities of demand (sl)
What is elasticity 1,
What does ped measure 2,
What is the equation for ped 3
40
cards
2.6 elasticities of supply (sl+hl)
What is price elasticity of supply 1,
What does it help businesses and ...,
What is the formula for pes 3
23
cards
2.7 role of governments in microeconomics (sl+hl)
What is government intervention 1,
List the 7 reasons for government...,
When does market failure occur 3
53
cards
2.8 market failure - externalities, common pool resources, public goods, asymmetrical information (sl)
What is socially optimum output 1,
What is marginal private benefit ...,
What is marginal private cost mpc 3
62
cards
2.9 market failure - public goods (hl)
What is a public good 1,
What is a non rivalrous good 2,
What is a non excludable good 3
9
cards
2.10 market failure - asymmetric information (hl)
What is asymmetric information 1,
What are the 2 types of asymmetri...,
What is adverse selection 3
14
cards
2.11 market failure - market power HL
What does perfect competition mean 1,
List the characteristics that onl...,
Explain perfectly competitive fir...
73
cards
2.12 the market's inability to achieve equity (hl)
What is equity 1,
Why would resource ownership caus...,
Why would limited access to resou...
5
cards
3.1 measuring economic activity and illustrating its variation (sl)
National income accounting 1,
3 things national income accounti...,
Gdp 3
64
cards
3.2 variations in economic activity - aggregate demand and aggregate supply (sl)
What is aggregate demand 1,
What does aggregate demand include 2,
4 main components of aggregate de...
81
cards
3.3 macroeconomic objectives (sl+hl)
What is economics growth 1,
What is a real output what does i...,
What is short term economic growth 3
84
cards
3.4 economics of inequality and poverty (sl)
What is equality 1,
What is equity 2,
List the 2 economic areas through...
47
cards
3.5 demand management - monetary policy (sl+hl)
What is the monetary policy 1,
List the 2 monetary policies used...,
What is the role of the central b...
39
cards
3.6 demand management - fiscal policy (sl)
What is the fiscal policy 1,
State the 2 sources of gov revenu...,
State the 3 sources of gov revenu...
66
cards
3.7 supply side policies (sl)
What are supply side policies 1,
How is boosting the economy s pro...,
What is the primary goal of suppl...
9
cards
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