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Decks in this class (31)
1.1 What is Economics?
Economics 1,
Economics as a social science 2,
The social nature of economics 3
54
cards
1.2 How do Economists Approach the World?
Economic methodology 1,
Positive economics 2,
Normative economics 3
24
cards
2.1 Demand
Demand 1,
Law of demand 2,
Price vs quantity demanded 3
21
cards
2.2 Supply
Supply 1,
Law of supply 2,
Assumptions behind law of supply ...
21
cards
2.3 Competitive Market Equilibrium
Competitive market equilibrium 1,
Equilibrium price 2,
Equilibrium quantity 3
18
cards
2.4 Critique of Maximizing Behaviour of Consumers and Producers
Rational consumer choice hl 1,
Assumption rationality 2,
Assumption utility maximization 3
23
cards
2.5 Elasticities of Demand
Elasticity 1,
Elastic demand 2,
Inelastic demand 3
23
cards
2.6 Elasticity of Supply
Price elasticity of supply pes 1,
Elastic supply 2,
Inelastic supply 3
10
cards
2.7 Role of Government in Microeconomics
Why governments intervene 1,
Intervention for revenue 2,
Intervention to support firms 3
19
cards
2.8 Market failure—externalities and common pool/common access resources
Socially optimum output 1,
Allocative efficiency social 2,
Welfare loss 3
28
cards
2.9 Market failure—public goods
Public good 1,
Non rivalrous 2,
Non excludable 3
7
cards
2.10 Market failure—asymmetric information (HL)
Asymmetric information 1,
Adverse selection 2,
Moral hazard 3
7
cards
2.11 Market failure—market power (HL)
Market structure 1,
Market power 2,
Price taker 3
24
cards
2.12 Market’s inability to achieve equity (HL)
Why free markets can create inequ...,
Income distribution 2,
Wealth distribution 3
6
cards
3.1 Measuring economic activity
National income measures 1,
Gdp 2,
Gni 3
14
cards
3.2 Variations in economic activity—aggregate demand and aggregate supply
Aggregate demand ad 1,
Ad components 2,
Determinant of ad consumer confid...
16
cards
3.3 Macroeconomic objectives + Unemployment
Inflation objective 1,
Unemployment objective 2,
Economic growth objective 3
41
cards
3.4 Economics of inequality and poverty
Equality vs equity 1,
Income inequality 2,
Wealth inequality 3
15
cards
3.5 Demand management—monetary policy (HL included)
Monetary policy 1,
Main goals of monetary policy 2,
Inflation targeting 3
12
cards
3.6 Demand management—fiscal policy (HL included)
Fiscal policy 1,
Government revenues 2,
Government expenditures 3
15
cards
3.7 Supply-side policies
Supply side policies 1,
Goal long term growth 2,
Goal competition efficiency 3
22
cards
4.1 Benefits of international trade
International trade 1,
Specialization 2,
Comparative advantage 3
9
cards
4.2 Types of trade protection
Trade protection 1,
Tariff 2,
Quota 3
8
cards
4.3 Arguments for and against trade control/protection
Infant industry argument 1,
National security argument 2,
Health safety argument 3
16
cards
4.4 Economic integration
Economic integration 1,
Preferential trade agreement pta 2,
Bilateral agreement 3
11
cards
4.5 Exchange rates
Exchange rate 1,
Floating exchange rate 2,
Demand for a currency 3
19
cards
4.6 Balance of payments (HL included)
Balance of payments bop 1,
Credits vs debits 2,
Current account 3
22
cards
4.7 Sustainable development
Sustainable development 1,
Sdgs 2,
Sustainability and poverty relati...
3
cards
4.8 Measuring development
Development 1,
Multidimensional nature of develo...,
Gdp or gni per person at ppp 3
14
cards
4.9 Barriers to economic growth and/or development
Poverty trap 1,
Poverty cycle idea 2,
Rising inequality as a barrier 3
17
cards
4.10 Growth and/or development strategies
Import substitution 1,
Export promotion 2,
Economic integration strategy 3
25
cards
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Economics
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