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EDEXCEL THEME 1 MICRO ECONOMICS

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

By: Caroline Harfield
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Decks in this class (20)

CHAPTER 1 ECONOMICS AS A SOCIAL SCIENCE
Ceteris paribus,
Law,
Normative economics
9  cards
CHAPTER 2 ECONOMIC DATA
Base period,
Index number,
Nominal values
4  cards
CHAPTER 3 THE ECONOMIC PROBLEM
Basic economic problem,
Capital,
Choice
21  cards
CHAPTER 4 PRODUCTION POSSIBILITY FRONTIERS
Capital goods,
Consumer goods,
Margin
4  cards
CHAPTER 5 SPECIALISATION AND THE DIVISION OF LABOUR
Barter,
Capital productivity,
Division of labour
15  cards
CHAPTER 6 TYPES OF ECONOMY
Command or planned or centrally p...,
Economic system,
Free market economy or free enter...
4  cards
CHAPTER 7 RATIONAL DECISION MAKING
Economic welfare,
Macroeconomics,
Microeconomics
5  cards
CHAPTER 8 DEMAND
Conditions of demand,
Consumer surplus,
Contraction of demand
8  cards
CHAPTER 9 PRICE ELASTICITY OF DEMAND
Elastic demand,
Inelastic demand,
Price elasticity of demand or own...
6  cards
CHAPTER 10 INCOME AND CROSS ELASTICITIES
Complement,
Cross elasticity or cross price e...,
Income elasticity of demand
6  cards
CHAPTER 11 SUPPLY
Conditions of supply,
Long run,
Price elasticity of supply
6  cards
CHAPTER 12 PRICE DETERMINATION
Equilibrium price,
Excess demand,
Excess supply
5  cards
CHAPTER 13 THE PRICE MECHANISM
Incentive function,
Rationing function,
Signaling function
3  cards
CHAPTER 14 INDIRECT TAXES AND SUBSIDIES
Ad valorem tax,
Incidence of tax,
Specific or unit tax
4  cards
CHAPTER 16 TYPES OF MARKET FAILURE
Complete market failure,
Market failure,
Missing markets
4  cards
CHAPTER 17 EXTERNALITIES
Consumption externalities or exte...,
Externality or spillover effect,
Marginal social and private costs...
6  cards
CHAPTER 18 PUBLIC GOODS
Free rider,
Non excludability,
Non rejectability
7  cards
CHAPTER 19 INFORMATION GAPS
Aysmmetric information,
Imperfect information or imperfec...,
Information failure or informatio...
5  cards
CHAPTER 20 GOVERMENT INTERVENTION IN MARKETS
Cap and trade schemes,
Trade pollution permit or polluti...
2  cards
CHAPTER 21 GOVERMENT FAILURE
Government failure,
Public choice theory,
Rent seeking
3  cards

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EDEXCEL THEME 1 MICRO ECONOMICS

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