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Economics Theme 1

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

By: Maria Selama
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Decks in this class (24)

1.1.1 Economics as a Social Science
What do economists use to develop...,
What are the models based on,
What is ceteris paribus
5  cards
1.1.2 Positive and Normative Statements
What is the definition of positiv...,
What are words used in a positive...,
Example of what positive statemen...
8  cards
1.1.3 The economic problem
What is scarcity,
Scarcity questions,
Define factors of production cell
15  cards
1.1.4 Production Possibility Frontiers
Define possibility production cur...,
Define capital goods,
Define consumer goods
13  cards
1.1.5. Specialization and the devision of labour
Define division of labour,
Define specialization,
Adam smith and the division of la...
11  cards
1.1.6 Free market economies, Mixed economy and Command economy
What is a free market economy,
What are the characteristics of a...,
Free market economy adam smith 1776
21  cards
1.2.1 Rational decision making
What is rational decision making,
What is utility,
What are the steps of rational de...
3  cards
1.2.2 Demand
What is demand,
Tip,
What does the demand curve demons...
9  cards
1.2.3 Price Elasticity of Demand (PED)
Define price elasticity of demand...,
What is the formula of ped,
What are the factors that influen...
5  cards
1.2.3 Cross Elasticity of Demand (XED)
0  cards
1.2.3 Income Elasticity of Demand (YED)
0  cards
1.2.4 Supply
What is supply,
What happens to supply when there...,
What happens to supply when there...
4  cards
1.2.5 Elasticity of Supply
0  cards
1.2.6 Price determination
0  cards
1.2.7 Price mechanism
What are the key functions of pri...,
The price mechanisms in different...
2  cards
1.2.8 Consumer and producer Surplus
0  cards
1.2.9 Indirect Taxes and Subsidies
Indirect taxes,
What are the types of indirect taxes,
Ad valorem taxes
8  cards
1.2.10 Alternative views of consumer behavior
What is behavioral economics,
What are the 4 reasons why consum...,
Explain the consideration of the ...
6  cards
1.3.1 Types of market failures
What is market failures,
What are the 3 types of market fa...
2  cards
1.3.2 Externalities
Define externalities,
What are externalities,
What are the types of externalities
17  cards
1.3.3 Public Goods
Define public goods,
What does non rivalrous mean,
What does non excludability mean
10  cards
1.3.4 Information Gaps
0  cards
1.4.1 Government Interventions in markets
0  cards
1.4.2 Government Failure
0  cards

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Economics Theme 1

  • Class purpose General learning

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