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Decks in this class (17)
Basic Economic Problem
What is the basic economic problem 1,
What is scarcity 2,
Relate production and consumption...
8
cards
Factors of Production
What are the factors of production 1,
What is land give examples 2,
What is labour give examples 3
15
cards
Opportunity cost
Define opportunity cost 1,
How do we calculate opportunity c...
2
cards
Production Possibility Curves
What does a production possibilit...,
What are the assumptions we make ...,
What are the features of the ppc 3
5
cards
UNIT 1 - DEFINITIONS
Define economics 1,
Define needs 2,
Define wants 3
17
cards
Demand and Supply
What is a firm 1,
Define demand 2,
How are purchasing power and dema...
24
cards
DEMAND - DEFINITIONS
Define demand 1,
Define quantity demanded 2,
Define law of demand 3
11
cards
Price Determination and Changes
What is the price mechanism 1,
What is an equilibrium 2,
What is market price 3
5
cards
P.E.D and P.E.S
What is price elasticity of demand 1,
What is the formula for ped 2,
What do the different values for ...
9
cards
Market Economic System
What is an economic system 1,
What are the types of economic sy...,
What is a market economic system 3
7
cards
Market Failure
What is market failure 1,
When does the market fail 2,
Why aren t public goods produced ...
15
cards
Mixed Economic System
What is a mixed economic system 1,
What are the advantages of a mixe...,
What are the disadvantages of a m...
18
cards
Money, Banking, and Households
What is money 1,
What are the functions of money 2,
What are the features of money 3
22
cards
Workers
What are some wage factors affect...,
What are some non wage factors af...,
Why is the labour supply curve a ...
19
cards
Firms
What are private sector firms 1,
What are public sector firms 2,
What are some advantages and disa...
18
cards
Firms and Production
What is the time period 1,
What is output dependent on 2,
What is the short run 3
10
cards
Firms' Costs, Revenue and Objectives
What is the cost of production 1,
What is total fixed cost 2,
What is average fixed cost 3
12
cards
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Economics
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