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K C
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Decks in this class (21)
LS1 - The Economics Problem
Difference between goods and serv...,
Factors of production 2,
Three questions for what to produ...
4
cards
LS2 - Economics as a Social Science
Ceteris paribus 1
1
cards
LS3 - Production Possibility Frontier
Opportunity cost 1,
Ppf 2,
Economic growth 3
7
cards
LS4 -Positive and Normative Economics
Positive economic statements 1,
Normative economic statements 2,
Governments when making economic ...
4
cards
LS5 - Specialisation and the Division of Labour
Specialisation 1,
Division of labour 2,
Productivity 3
8
cards
LS6 - Types of Economy
Three types of economy 1,
The price mechanism 2,
Command economy advantages and di...
10
cards
LS7 - Decision Making In Economics
How do firms make rational decisi...,
Utility 2,
How firms make rational decisions 3
8
cards
LS8 and LS9 - Demand and Supply
Demand 1,
Movements on a demand curve are c...,
Substitute goods 3
9
cards
LS10 - Price Determination
Excess demand 1,
Excess supply 2,
Equilibrium price 3
12
cards
LS11 - Taxes and Subsidies
Direct tax 1,
Indirect tax 2,
Specific tax 3
17
cards
LS12 and 13 - PED & Consumer and Producer Surplus
Price elasticity of demand 1,
Elastic demand 2,
Inelastic demand 3
22
cards
LS17 - Market Failures
Market failure 1,
The three types of market failure 2,
What is an externality 3
16
cards
LS18 - Public Goods
Non rivalrous 1,
Non excludable 2,
Private goods 3
10
cards
LS19 - Information Gaps
Perfect information 1,
Symmetric information 2,
Imperfect information 3
6
cards
LS20 - Minimum and Maximum Pricing
Maximum prices 1,
Minimum price 2,
Advantages of minimum pricing 3
12
cards
LS21 - Tradeable Pollution Permits
Pollution permits 1,
Why might firms want to produce l...,
Advantage of using tradeable poll...
4
cards
LS14 - Diminishing Marginal Utility
Diminishing marginal utility 1,
Marginal utility 2
2
cards
LS15 XED & YED
Xed 1,
Xed formula 2,
Substitute goods 3
14
cards
LS 22 - Regulation
Regulation 1,
How can the government improve th...,
Blank 3
3
cards
LS23 - Government Failure
Government failure 1,
Causes of government failure 2,
How the government intervenes in ...
6
cards
LS16 - Price Mechanism
Price mechanism 1,
Three functions of the price mech...,
Rationing function 3
6
cards
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Economics AS Level (Micro)
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