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Gus Grelak
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Decks in this class (32)
Basic Economic Problem
What is the basic economic problem,
What is the purpose of economic a...,
Where do resources move in terms ...
13
cards
1:4:1 Government Failure
What type of economy is the uk,
What is meant by a mixed economy,
When does the government interven...
65
cards
1:3:1 - Market Failure
What is market failure,
What happens to the allocation of...,
What are external costs
104
cards
1:2:1 How Markets Work (2)
How is price determined in a comp...,
What is meant by equilibrium,
In equilibrium there is tendency ...
87
cards
1:2:1 - How Markets Work
What is meant by a market,
What must be agreed for an exchan...,
What do buyers consumers represent
178
cards
Market Failure
Define market failure
1
cards
1:1:1 (Green & White Book) - Nature of Economics
What is meant by the term ceteris...,
What is meant by positive statements,
Even if a statements cannot be pr...
117
cards
All Of Microeconomics PiXL
Why do economists need to make as...,
What is ceteris paribus,
Why is ceteris paribus used when ...
123
cards
Elasticity
What is elasticity,
Price elasticity of demand ped,
Price elasticity of supply pes
43
cards
Rational Decision Making
What do we assume about people,
What do we assume about producers...,
What can consumer satisfaction be...
4
cards
Marginal Utility Theory
What does the word marginal mean,
What does marginal cost mean,
What does marginal revenue mean
6
cards
Positive & Normative Economics
What is a normative statement,
What is a positive statement,
Test the government should enforc...
10
cards
The Supply & Demand Curve
What does the demand curve show,
What happens on the demand curve ...,
If a factor other than price chan...
19
cards
Equilibrium Position
What is equilibrium,
What is it called when supply exc...,
What happens to price when there ...
5
cards
Consumer & Producer Surplus
Definition of consumer surplus,
Definition of producer surplus
8
cards
Demand
What does the demand curve illust...,
What will a change in price do to...,
What caused this shift in demand
11
cards
Economies of Scale
Define economies of scale,
Diagram of economies of scale,
Why are economies of scale important
12
cards
Market Equilibrium
What happens when a market is in ...,
What,
What does the price mechanism do
11
cards
Production Possibility Frontier
What does a ppf curve show,
What does a ppf curve look like,
What factors can cause the whole ...
11
cards
Positive and Normative Statements
What is a positive statement,
What is a normative statement,
Positive or normative
8
cards
Buffer Stocks
Define a buffer stocks scheme,
Why are agricultural products vol...,
What do buffer stock schemes aim ...
11
cards
Oppertunity Cost
Def,
What is the oppertunity cost of m...,
What is the oppertunity cost if w...
8
cards
Specialisation and the Division of Labour
When doe specialization occur,
What are the outcomes of speciali...,
Examples of specialisation within...
8
cards
Positive Externalities - Market Failure
Define positive externalities,
2 examples of a positive external...,
What is a social benefit
16
cards
Negative Externalities
Define negative externalities,
Gice 3 examples of negative exter...,
Define social costs
11
cards
Merit & Demerit Goods
Define a merit good,
In the free market are merit good...,
Give two examples of merit goods
11
cards
Public Goods
Define a public good,
What does non rivalrous mean,
What does non excludable mean
10
cards
Flat Tax
Define a flat tax,
Examples of goods that weill have...,
Why does the government apply fla...
5
cards
Government Failure
Define government failure,
Where does government failure arise,
Reasons for government failure la...
10
cards
Supply Curve
What does the supply curve show us,
What are the factors that affect ...,
What is supply
9
cards
Equilibrium Position
0
cards
How Markets Work
What things must we assume about ...,
Factors that cause a shift in the...,
Factors that cause a movement alo...
21
cards
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