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Economics Theme 1

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

By: Millie Adkins
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Decks in this class (14)

1.1- Nature Of Economics
What is scarcity,
What are resources,
What is ceteris paribus
75  cards
1.1.6- Economic Systems
What is an economic system,
What is a free market economy,
What are the characteristics of a...
17  cards
1.2.1- Rational Decision Making
What is the rational choice theory,
What do firms aim to maximise,
What do governments aim to maximise
7  cards
1.2.2- Demand
What is demand,
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,
What is the formula for ped,
What is a price elastic good
40  cards
1.2.4- Supply
What is supply,
Why do costs of production shift ...,
Why does the price of other goods...
7  cards
1.2.5- Elasticity Of Supply
0  cards
1.2.7- Price Mechanism
What is the price mechanism,
What are the main functions of th...,
Why is rationing a function
5  cards
1.2.9- Indirect Taxes And Subsidies
What is an indirect tax,
What is ad valorem tax,
What is a specific tax
17  cards
1.3.1- Types Of Market Failure
What is market failure,
Why does market failure arise,
What is complete market failure
9  cards
1.3.2- Externalities
What is an externality,
What are private costs benefits,
What are social costs benefits
22  cards
1.3.3- Public Goods
What are public goods,
What does non rivalrous mean,
What does non excludable mean
8  cards
1.3.4- Information Gaps
What is symmetric information,
What is asymmetric information,
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,
What is the diagram like for an a...
21  cards

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Economics Theme 1

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