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Decks in this class (22)
2.1 markets-demand
What determines price,
Definition of market,
Definition of demand
32
cards
2.2 market-supply
Supply,
Law of supply,
Law of diminishing marginal return
18
cards
2.3 competitive market equilibrium
Market equilibrium,
Qs qdqs qd qs,
Explain excess demand
14
cards
2.8 market failure & externalities of production
Define externalities and give exa...,
Taking into account externalities...,
3rd parties
39
cards
2.8 common pool resources
Common pool resources,
Two characteristics that common p...,
Rivalrous and non excludable reso...
12
cards
2.11a market failure - market power
Market power,
Perfect competition,
Imperfect competition 3 kinds
11
cards
2.11b profit maximisation
Revenues,
Total revenues tr,
Average revenue ar
16
cards
2.11e
Characteristics of monopolistic c...,
Free entry and exit leads to,
In the short run 3 types of profit
3
cards
1.1 (idk)
Goods,
Services,
Resources
21
cards
1.1 ppc+circular flow of income
Ppc,
Assumptions of ppc,
Efficiency def 2kinds of efficiency
36
cards
1.2 how economists approach the world//????
Ceteris paribus,
Positive economics q,
Normative economics
20
cards
2.4 critique of the maximising behaviour of consumers and producers
Assumptions about consumer behavi...,
Imperfect information,
Bounded rationality
16
cards
2.5 elasticities of demand
Elasticity,
Ped,
Ped 1
42
cards
2.6 elasticity of suppyl
Pes,
Law of supply,
Why is pes alw ve
15
cards
2.7 role of govt. in micro
Ways govt can intervene 6,
Why does govt intervene,
Gst
69
cards
3.1 measuring economic activity and illustrating its variations
National income,
Circular flow of income,
Who spends money in an open economy
44
cards
3.2 AD
Ad,
Reasons for ve ad curve slope,
The wealth effect
16
cards
2.9 market failure - public goods
Public goods 2 characteristics,
Private goods 2characteristics,
Characteristic of being rivalrous
17
cards
2.10 market failure - asymmetrical information (HL)
Perfect information,
Asymmetric information,
Two types of asymmetries in infor...
16
cards
3.3c unemployment
from the slides haha
21
cards
3.2 AS
As,
Short run as conditions,
Factors causing shifts in short r...
6
cards
3.3d the government (national) debt
Government debt,
Bond,
Budget surplus
12
cards
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