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Max Brown
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Decks in this class (31)
1) Economics as a social science
What is ceteris paribus,
What is a normative statement,
What is a positive statement
3
cards
2) Economic Data
What is a base period,
What are nominal values,
What are real values
3
cards
3) The economic problem
What is the basic economic problem,
What are the 3 questions of resou...,
What are the 4 methods of resourc...
5
cards
4) PPF's
What is a ppf,
What are capital goods,
What are consumer goods
3
cards
5) Specialisation and the division of labour
What is division of labour,
What is specialisation,
What is the primary sector
7
cards
6) Types of Economy
Who are the 3 actors within an ec...,
What is a planned economy,
What is a free market
4
cards
7) Rational decision making
What is tc,
What is tr,
What is ac
5
cards
8) Demand
What is demand,
What causes the entire demand cur...,
What is consumer surplus
4
cards
9) PED
W,
What is the formula for ped,
What is the formula for percentag...
8
cards
10) YED and XED
What is yed,
What is the formula for yed,
What is xed
9
cards
11) Supply
What is supply,
What factors would cause an entir...,
What is producer surplus
8
cards
12) Price determination
What are some causes of shifts in...,
What are some causes of shifts in...,
What is the equilibrium price
3
cards
13) Interrelationships between markets
What is competitive demand,
What is composite demand,
What is derived demand
5
cards
14) Indirect taxes and subsidies
What is an indirect tax,
How is the amount of tax shown on...,
How does an ad valorem tax differ...
4
cards
19) The price mechanism
What are the 3 functions of the p...
1
cards
20) Types of market failure
What is market failure,
What is optimal allocative effici...,
What types of market failure exist
4
cards
21) Externalities
What is an externalitie,
What are positive and negative ex...,
What are examples of negative pro...
8
cards
22) Information gaps
How can information gaps cause a ...,
What is the principal agent problem,
What is the moral hazard
4
cards
23) Public and merit goods
What are private goods,
What are public good,
What is the free rider problem
5
cards
24) Government intervention in markets
How can governments intervene in ...
1
cards
25) Government failure
What is government failure,
Why might government failure occur,
What is public choice theory
3
cards
45) Production
What are the various time periods...,
What is tp,
What is ap
4
cards
46) Costs
What is economic cost,
What are fixed costs,
What are variable costs
8
cards
47) Revenue
Why does d ar,
What is the relationship,
Ar defenition
5
cards
48) Profit
What is the full formula for profit,
What is normal profit,
What is abnormal supernormal profit
5
cards
49) Market structure
What factors determine the market...,
How do firms compete against each...,
What are barriers to entry
7
cards
50) Perfect Competition
What are the assumptions of perfe...,
What is a price taker,
What happens under perfect compet...
8
cards
51) Monopoly
What are the assumptions of monopoly,
What do we mean by a monopoly,
What are the sources of monopoly ...
8
cards
52) Monopolistic competition
What assumptions result in monopo...
1
cards
53) Oligopoly
What are the key characteristics ...,
How can firms have good non price...,
What is collusion
10
cards
54) Contestability
What is profit maximisation,
What is a contestable market,
What is hit and run competition
3
cards
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Economics A-Level Micro
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A Level Economics
- 50 decks
- 1987 flashcards
- 1039 learners
Decks:
Section 1 The Economic Problem, Section 2 Competitive Markets, Section 3 Business Economics, And more!
