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Economics - T3 Exam

This class was created by Brainscape user Sewmith Samarawickrama. Visit their profile to learn more about the creator.

By: Sewmith Samarawickrama
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Decks in this class (11)

the meaning of allocative, productive and dynamic efficiency as these relate to the optimal operation of markets
Allocative efficiency,
Productive efficiency,
Dynamic efficiency
7  cards
○ the assumptions of a perfectly competitive market system
3 assumptions,
4 assumptions
2  cards
analyse the difference between complete market failure (missing markets) and partial market failure
Market failure,
Types of market failures,
Complete failure
5  cards
the concepts of positive and negative externalities of production and consumption with a diagrammatic representation of the welfare loss/benefit associated with them
What is an externality,
Negative externality,
Positive externality
4  cards
the difference between public goods and private goods, why markets might not adequately provide public goods and the concept of the free rider problem
Excludability,
Rival,
Public goods
5  cards
the ‘tragedy of the commons’ as it relates to common resources and the problem of ill-defined property rights, e.g. oceans and the atmosphere
Common resource goods,
Tragedy of the commons,
Property rights
3  cards
○ ways in which the immobility of factors of production might lead to the misallocation of resources
Occupation immobility,
Geographical immobility
2  cards
how asymmetric (imperfect) information can lead to a misallocation of resources, e.g. adverse selection such as in the market for used cars (lemons), and moral hazard
Failures of information,
Lemons problem,
Moral hazard
3  cards
explain and analyse the different methods of market modification required to correct market failure, including direct and indirect taxation, subsidies
Pigouvian tax,
Pigouvian subsidy,
Subsidy
7  cards
explain and analyse the different methods of market modification required to correct market failure, including price floors/ceilings
Price floors,
Price ceilings
2  cards
explain and analyse the different methods of market modification required to correct market failure tradable permits or direct state provision and regulation
Tradable permits,
Direct regulation
2  cards

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Economics - T3 Exam

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