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Daisy Philp
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Decks in this class (27)
Theme 1
Microeconomics definition,
Scarcity definition,
What are the factors of production
153
cards
Bridging Unit
Who owns resources in a free market,
How does a free market incentivis...,
How are prices set in a free market
79
cards
1- Economics as a social science
What is a model,
What do models contain,
Why do economists use models
11
cards
2- Economic Data and Positive/Normative Statements
Base period definition,
Index number definition,
Nominal values
14
cards
3- The Economic Problem
What is the economic problem,
What does the economic problem ca...,
What choices have to be made
22
cards
4- Production Possibility Frontiers (PPF)
What do ppfs show,
What does a point moving up or do...,
What does a point inside a ppf re...
19
cards
5- Specialisation, Division of Labour and Money
What is specilisation,
What is division of labour,
What is an economy of scale
30
cards
6- Rational Decision Making and Consumer Behaviour
What is the key assumption econom...,
Why are these assumptions simplistic,
Neo classical theory
22
cards
7- Demand
Demand definition,
What is the law of demand,
Demand curve
17
cards
8- Supply
Supply definition,
Law of supply,
What explains the law of supply
16
cards
9- Price Determination
Market equilibrium definition,
Market clearing price,
What is excess supply
5
cards
10- The Price Mechanism
What does the price mechanisms do,
What helps determine price,
What are the 3 functions price ha...
12
cards
11- Price Elasticity Of Demand
Ped definition,
Ped equation,
Percentage change equation
18
cards
12- PED and Total Revenue
Ped use for total revenue,
Total revenue equation,
Relationship between ped prices c...
5
cards
13- Price Elasticity Of Supply
Pes definition,
Pes equation,
What does it mean if pes 0
18
cards
14- Income Elasticity
Income elasticity definition,
Income elasticity equation,
What does it mean if yed is betwe...
12
cards
15- Cross Elasticity Of Demand
Xed definition,
Xed equation,
What does it mean if xed is great...
11
cards
16- Indirect Taxes
What is an indirect tax,
Examples of indirect taxes,
Taxation definition
24
cards
17- Subsidies
What is a subsidy,
Examples of subsidies,
What will a subsidy to the supply...
9
cards
18- Types of Economies
What is a free market economy,
What is a command economy,
What is a mixed economy
9
cards
19- Market Failure- Externalities
Causes of market failure,
What is market failure,
What is the marginal private cost
10
cards
20- Market Failure- Public Goods
What is a private good,
Characteristics of public goods,
Examples of public goods
5
cards
21- Market Failure- Information Gaps
What is symmetric information,
What is a information gap failure,
What is assymetric information
7
cards
22-Maximum Prices
What is a maximum price and what ...,
How is price maximisation found o...,
What could the maximum price shor...
5
cards
23- Minimum Prices
Uses of minimum prices,
Minimum prices on a supply and de...,
Advantages on minimum prices or mgp
4
cards
24- Tradeable Pollution Permits and Gov Regulation
What is a pollution permit,
Advantages of pollution permits,
Disadvantages of pollution permits
22
cards
25- Government failure
What is government failure,
Causes of government failure,
Effects of government failure
12
cards
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Economics- Theme 1
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