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Decks in this class (19)
IB Nine Central Concepts
Scarcity 1,
Choice 2,
Interdependence 3
9
cards
1.1 What is economics?
Microeconomics definition 1,
Macroeconomics definition 2,
Factors of production 3
28
cards
1.2 How do economists approach the world?
Positive economics features 1,
Normative economics features 2,
Ceteris paribus 3
9
cards
2.1/2.2 Microeconomics - Supply and Demand
Market definition 1,
Demand definition 2,
Competitive market 3
34
cards
2.3 Microeconomics - Competitive Market Equilibrium
Equilibrium def 1,
When is a market in equilibrium 2,
Surplus vs shortage effects of th...
20
cards
2.5 Microeconomics - Elasticities of Demand
Elasticity definition 1,
Price elasticity of demand ped 2,
Ranges of ped 3
29
cards
2.6 Microeconomics - Elasticities of Supply
Price elasticity of supply pes 1,
Ranges of pes 2,
Perfectly inelastic pes 3
16
cards
2.7a Microeconomics - Role of Government (Intro)
Reasons for government interventi...,
Why and how to earn government re...,
Why and how to support firms 3
8
cards
2.7b Microeconomics - RoG (Price Controls)
Price control definition 1,
Price ceiling definition 2,
Why impose price ceilings 3
17
cards
2.7c Microeconomics - RoG (Taxes and Subsidies)
Indirect tax definition 1,
Why impose indirect taxes 2,
Types of indirect taxes 3
16
cards
2.7d Microeconomics - RoG (Direct Provision, Regulation and Legislation)
Direct provision definition 1,
Why impose direct provision 2,
Examples of direct provision by t...
7
cards
2.8a Microeconomics - Market Failure: Positive Externalities
Market failure definition 1,
Mpb mpc msb msc 2,
Allocative efficiency definition 3
21
cards
2.8b Microeconomics - Market Failure: Negative Externalities and Common Pool Resources
Negative externalities of consump...,
Demerit goods definition and exam...,
Private benefits and external cos...
27
cards
Macroeconomics - Aggregate Demand and Supply
Aggregate demand ad def 1,
Ad components equation and shifts 2,
Real gdp vs ad 3
20
cards
3.3a Macroeconomic Objectives - Low Unemployment
Employment definition 1,
Unemployment definition 2,
What does the labour force consis...
24
cards
3.3b Macroeconomic Objectives - Economic Growth
Economic growth definition 1,
Short term growth vs long term gr...,
Short term growth shown in ppc mo...
8
cards
3.3c Macroeconomic Objectives - Low and stable rate of inflation
Inflation disinflation and deflat...,
Consumer price index cpi 2,
Construction of cpi 3
22
cards
3.5 Macroeconomics - Demand management (monetary policy)
Monetary policy 1,
Central bank 2,
Interest rates 3
35
cards
3.6 Macroeconomics - Demand management (fiscal policy)
Fiscal policy definition 1,
Main objectives of fiscal policy 2,
Three main ways fiscal policy is ...
3
cards
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HL Economics
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