This class was created by Brainscape user Bergina Obertinca. Visit their profile to learn more about the creator.
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Decks in this class (20)
Topic 1: scarcity
4 factors of production,
Scarcity,
Land
17
cards
Topic 2: Production Possibility Frontiers and opportunity cost
Opportunity cost,
Product possibility frontier,
Free good
6
cards
Topic 3: Specialisation And The Division Of Labour
Disadvantages of specialisation,
Benefits of specialisation and di...,
Specialisation
5
cards
Topic 4: Free Market And Mixed Economies
Free market,
Main actors in a free market,
Advantages of a free market
14
cards
Topic 5: Positive And Notmative Economics
Normative economic statements,
Positive economic statements
2
cards
Topic 6: Demand
Demand,
Ceteris paribus,
What does a rise in price to do t...
14
cards
Topoc 7- Price Elasticity Of Demand
Price elasticity of demand,
How to work out ped price elastic...,
What happens if ped is greater th...
19
cards
Topic 8- Income Elasticity
Income elasticity demand yed,
Normal good,
Luxury good
9
cards
Topic 9-cross elasticity Of Demand
Cross elasticity of demand xed,
A positive sign for xed indicates...,
A negative sign for xed indicates...
3
cards
Topic 10&11-the Supply Curve
Supply,
A rise in price will cause a fall...,
Pes 1
12
cards
Topic 15 - indirect Tax And Subsidies
Incidence of tax,
Indirect tax,
Subsidy
8
cards
Topic 13-consumer And Producer Surplus
Factors affecting the size of con...,
Producer surplus,
Consumer surplus
6
cards
Topic 16-The demand and supply of labour
What does low price of labour mea...,
Demand for labour curve,
Factors influencing the elasticit...
19
cards
Topic 14- The Price Mechanism
3 functions of the price mechanism
1
cards
Topic 17-Market Failure And Public Goods
Market failure,
Public good,
Non rivalry
9
cards
Topic 18- Imperfect market knowledge
Asymmetric information,
Asymmetric information in the mar...,
Symmetric information
5
cards
Topic 19-Negative Externalities
Negative externalities,
Private costs,
Methods of government intervention
5
cards
Topic 20- Positive Externalities
Private benefits,
What government do to correct mar...,
Positive
5
cards
Topic 21-labour Immobility
Structural unemployment,
Geographical immobility of labour,
Occupational immobility of labour
8
cards
Topic 22- Unstable Comodity Markets
Causes and effects of fluctuating...,
Causes and effects of fluctuating...,
Causes and effects of fluctuating...
13
cards
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Economics: unit 1
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