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Decks in this class (22)
1.1.1 Economics as a social science
What is ceteris paribus
1
cards
1.1.2 Positive and normative economics statements
What is a positive statement,
Example of a positive statement,
What is a normative statement
5
cards
1.1.3 The economic problem
Difference between a want and need,
Define the term opportunity cost,
What is the opportunity cost if t...
6
cards
1.1.4 PPF
What does a production possibilit...,
Https wwwgooglecom url sa i url h...,
Https wwwgooglecom imgres imgurl ...
7
cards
1.1.5 Specialisation and division of labour
How do workers firms and regions ...,
Advantages of specialisationdisad...,
Advantages and disadvantages of s...
5
cards
1.1.6 Free market economies, mixed economy and command economy
What is a free market,
What is a command economy,
What is a mixed economy
14
cards
1.2.1 Rational decision making
What does rational mean in econom...,
How do consumers act rationally,
How do producers act rationally
6
cards
1.2.2 Demand
What is demand,
What is a demand curve,
What is the law of demand
7
cards
1.2.3 Price, income and cross elasticities of demand
How to work out ped,
How to calculate change
25
cards
1.2.4 Supply
What is supply,
What is a supply curve,
What is an extension in supply
5
cards
1.2.5 Elasticity of supply
What is the elasticity of supply,
How can pes be calculated,
How to calculated a change
16
cards
1.2.6 Price determination
What is price determination,
What is equilibrium,
What is disequilibrium excess demand
6
cards
1.2.7 Price mechanism
What are price mechanisms,
What are the three functions in t...,
Explain the function rationing
5
cards
1.2.8 Consumer and producer surplus
What is consumer surplus,
What is producer surplus
2
cards
1.2.9 Indirect taxes and subsidies
What is an indirect tax,
What are the 2 types of indirect tax,
What is a subsidy
4
cards
1.2.10 Alternative views of consumer behaviour
What are the influences of other ...,
Explain peer pressure,
Explain producers influence consu...
6
cards
1.3.1 Types of market failure
What is market failure,
What are the 3 main types of mark...,
Explain externalities
5
cards
1.3.2 Externalities
What is an externality,
What is an external cost,
What is a private cost
15
cards
1.3.3 Public goods
What is a private good,
What is a public good,
What does non excludability mean
5
cards
1.3.4 Information gaps
What is symmetric information,
What is asymmetric information,
An example of asymmetric information
4
cards
1.4.1 Government intervention in markets
What are the 5 reasons for govern...,
Explain how governments support f...,
Explain how governments correct m...
15
cards
1.4.2 Government failure
What is government failure,
What are the causes of government...,
Explain distortion of price signals
7
cards
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Economics - Theme 1
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