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Economics Theme 1

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

By: Sadie Dong
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Decks in this class (22)

1.1.1 Economics as a Social Science
What is ceteris paribus,
Social science,
Economic model
3  cards
1.1.2 Positive and Normative Statements
Positive statement,
Normative statement
2  cards
1.1.3 The Basic Economic Problem
Scarcity,
Opportunity cost,
Renewable resource
5  cards
1.1.4 Production Possibility Frontier
Production possibility frontier ppf,
Consumer goods,
Capital goods
5  cards
1.1.5 Specialisation and the Division of Labour
Specialisation,
Division of labour,
Export
7  cards
1.1.6 Free Market Economies, Mixed Economy and Command Economy
Free market economy,
Command economy,
Mixed economy
4  cards
1.2.1 Rational Decision Making
Rational decision making,
Market,
Utility
6  cards
1.2.10 Alternative Views of Consumer Behaviour
Influence of other people s behav...,
Habitual behaviour,
Computational difficulties
7  cards
1.2.2 Demand
Demand,
Demand curve,
Effective demand
4  cards
1.2.3 Price, Income and Cross Elasticities of Demand
Elasticity,
Price elasticity of demand,
Income elasticity of demand
17  cards
1.2.4 Supply
Supply,
Price elasticity of supply,
What are the determinants of pes ...
3  cards
1.2.5 Elasticity of Supply
0  cards
1.2.6 Price Determination
Price determination,
Static analysis,
Comparative static analysis
3  cards
1.2.7 Price Mechanism
3 functions of the price mechanism
1  cards
1.2.8 Consumer and Producer Surplus
Consumer surplus,
Producer surplus,
Price discrimination
4  cards
1.2.9 Indirect Taxes and Subsidies
Indirect taxes,
Subsidy,
Unit specific tax
4  cards
1.3.2 Externalities
Positive externality,
Negative externally,
Demerit goods
10  cards
1.3.1 Types of Market Failure
Market failure,
Externality,
Public goods
4  cards
1.3.3 Public Goods
Public goods,
Free rider problem,
Private goods
3  cards
1.3.4 Information Gaps
Information gaps,
Symmetric information,
Asymmetric information
3  cards
1.4.1 Government Intervention in Markets
Maximum price,
Minimum price,
Government failure
3  cards
1.4.2 Government Failure
0  cards

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Economics Theme 1

  • Class purpose General learning

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