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Edexcel Economics - Theme 1: Introduction to markets and market failure

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

By: Max Wooldridge
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Decks in this class (22)

1.1.1 Economics as a social science
What is economics,
Why is economics considered a soc...,
How is economics similar to the m...
7  cards
1.1.2 Positive and normative economic statements
What is a positive economic state...,
What is a normative economic stat...,
What are key words in normative s...
3  cards
1.1.3 The Economic problem
What is a need,
What is a want,
What are free goods
22  cards
1.1.4 Production Possibility Frontiers
What does a ppf show,
What does ppf stand for,
What does the green curve on the ...
19  cards
1.1.5 Specialisation and the division of labour
What is production,
What is productvity,
What is specialisation
20  cards
1.1.6 Free market economies, mixed economy and command economy
What questions do different types...,
What is a free market economy,
Are there completely free markets...
14  cards
1.2.1 Rational Decision Making
What is utility,
V,
What is the rational consumer called
5  cards
1.2.2 Demand
What is demand,
Describe point a to b,
Describe d1 to d2
26  cards
1.2.3 Price Elasticity of Demand
What is elasticity of demand,
How responsive is an elastic good,
How responsive is an inelastic good
32  cards
1.2.4 Supply
What is supply,
Describe the movement along the s...,
Describe the movement along the s...
8  cards
1.2.5 Elasticity of Supply
What is price elasticity of suppl...,
What is the formula for,
Unitary elastic pes is where
17  cards
1.2.6 Price determination
What is price equilibrium,
Another time for price equilibriu...,
E
6  cards
1.2.7 Price mechanism
How is price determined,
When do prices rise,
What are the three functions of p...
9  cards
1.2.8 Consumer and Producer Surplus
What is a consumer surplus,
What is a producer surplus,
Which triangle illustrates consum...
11  cards
1.2.9 Indirect Taxes and Subsidies
What are indirect taces,
What are the two types of indirec...,
What is ad valorem tax
30  cards
1.2.10 Alternative Views of Consumer Behaviour
What are the reasons for people n...,
Give an example of behaving non r...,
What is herding behaviour
5  cards
1.3.1 Types Of Market Failure
What are the role of markets,
What are the two types of market ...,
What is partial market failure
5  cards
1.3.2 Externalities
What are externalities,
What are positive externalities,
What are negative externalities
29  cards
1.3.3 Public Goods
0  cards
1.3.4 Information Gaps
0  cards
1.4.1 Government Intervention
0  cards
1.4.2 Government Failure
0  cards

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Edexcel Economics - Theme 1: Introduction to markets and market failure

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