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Decks in this class (16)
1.1- Nature Of Economics
What is scarcity 1,
What are resources 2,
What is ceteris paribus 3
76
cards
1.1.6- Economic Systems
What is an economic system 1,
What is a free market economy 2,
What are the characteristics of a...
23
cards
1.2.1- Rational Decision Making
What is the rational choice theory 1,
What do firms aim to maximise 2,
What do governments aim to maximi...
7
cards
1.2.2- Demand
What is demand 1,
What is a movement down the deman...,
What is a movement up the demand ...
22
cards
1.2.3- Price, Income And Cross Elasticities Of Demand
What is price elasticity of demand 1,
What is the formula for ped 2,
What is a price elastic good 3
40
cards
1.2.4- Supply
What is supply 1,
Why do costs of production shift ...,
Why does the price of other goods...
7
cards
1.2.5- Elasticity Of Supply
What is pes 1,
What is the equation of pes 2,
What is the pes of a unitary elas...
11
cards
1.2.7- Price Mechanism
What is the price mechanism 1,
What are the main functions of th...,
Why is rationing a function 3
5
cards
1.2.9- Indirect Taxes And Subsidies
What is an indirect tax 1,
What is ad valorem tax 2,
What is a specific tax 3
17
cards
1.2.10- Alternative views of consumer behaviour
What is it assumed that consumers...,
What are the reasons for irration...,
How does influences of other peop...
8
cards
1.3.1- Types Of Market Failure
What is market failure 1,
Why does market failure arise 2,
What is complete market failure 3
14
cards
1.3.2- Externalities
What is an externality 1,
What are private costs benefits 2,
What are social costs benefits 3
40
cards
1.3.3- Public Goods
What are public goods 1,
What does non rivalrous mean 2,
What does non excludable mean 3
8
cards
1.3.4- Information Gaps
What is symmetric information 1,
What is asymmetric information 2,
Why does advertising lead to info...
8
cards
1.4.1- Government Intervention In Markets
Why do governments intervene in t...,
What is the aim of indirect taxes 2,
What is the diagram like for an a...
40
cards
1.4.2- Government Failure
What is government failure 1,
What does government failure lead...,
What are the causes of government...
8
cards
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Economics Theme 1
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