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Daisy Philp
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Decks in this class (30)
1- Economics as a social science definitions
0
cards
1- Economics as a social science
0
cards
1- Economics as a social science evaluation
0
cards
2- Rational decision making definitions
Rationality
1
cards
2- Rational decision making
What do consumer aim to maximise,
What do firms aim to maximise,
What do we assume governments aim...
3
cards
2- Rational decision making evaluation
0
cards
3- Demand definitions
Demand,
Complementary goods,
Substitute goods
7
cards
3- Demand
What causes movements up and down...,
Contraction in demand,
Expansion in demand
5
cards
3- Demand evaluation
0
cards
4- Price/income/cross-elasticities definitions
Price elasticity of demand ped,
Cross elasticity of demand xed,
Inferior goods
10
cards
4- Price/income/cross-elasticities
Ped equation,
Unitary elastic ped,
Relatively elastic ped
22
cards
4- Price/income/cross-elasticities evaluation
0
cards
5- Supply definitions
Supply
1
cards
5- Supply
What causes a movement up or down...,
Expansion in supply,
Contraction in supply
6
cards
5- Supply evaluation
0
cards
6- Price elasticity of supply definitions
Price elasticity of supply
1
cards
6- Price elasticity of supply
6 price elasticity of supply,
Unitary elastic pes,
Relatively price elastic pes
9
cards
6- Price elasticity of supply evaluation
0
cards
7- Price determination definitions
Excess demand,
Excess supply
2
cards
7- Price determination
Where is the equillibrium price a...,
What is the market clearing price,
What does excess demand mean for ...
4
cards
7- Price determination evaluation
0
cards
8- Price mechanism definitions
Market forces,
Price mechanism,
Equilibrium price quantity
3
cards
8- Price mechanism
How is price determined in a market,
3 functions of the price mechanism,
Rationing function
5
cards
9- Types of Market Failure definitions
Externalities,
Social optimum position,
Externalities
11
cards
9- Types of Market Failure
Types of market failure,
Consequence of externalities
2
cards
9- Types of Market Failure evaluation
0
cards
10- Externalities definitions
Market failure,
Externalities,
Merit good
14
cards
10- Externalities
Divergence of costs negative prod...,
Divergence of costs positive prod...,
Divergence of costs negative cons...
4
cards
10- Externalities evaluation
Externalities evaluation
1
cards
11- Gov intervention
Ways government to intervene to i...,
Indirect tax definition,
Impact of an indirect tax
27
cards
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Economics Theme 1 revised
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