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

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Economics Theme 1

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