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Bear lulu
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Decks in this class (13)
Unit 2.1 - Competitive Markets: Demand and Supply - Introduction to Competitive Markets
What is a market,
What is a competitive market
2
cards
Unit 2.2 - Competitive markets: Demand and Supply - Demand
What is demand,
What does the law of demand state,
What is market demand
27
cards
Unit 2.3 - Competitive Markets: Demand and Supply - Supply
Supply,
What is the supply curve s shape,
The law of supply
32
cards
2.4 - Competitive Markets: Demand and Supply - Competitive market equilibrium
Surplus,
Shortage,
What happens to price when there ...
13
cards
2.5 - Competitive Markets: Demand and Supply - The role of the price mechanism and market effeciency
Price mechanism,
What is known as the invisible ha...,
Signalling and incentive function...
27
cards
2.6 - Competitive markets: Demand and Supply - Critique of the maximising behaviour of consumers and producers
Rational consumer choice,
Rational economic decision making,
Assumptions of rational consumer ...
24
cards
3.1 - Elasticities - Price elasticity of Demand
Price elasticity of demand,
Price inelastic demand,
Price elasitic demand
24
cards
3.2 - Elasticities - Income elasticity of demand
Income elasticity of demand,
Yed,
Yed 0
6
cards
3.3 - Elasticities - Price Elasticity of Supply
Price elasticity of supply,
Pes equation,
Pes 1
8
cards
4.1 - Government intervention in microeconomics - Government intervention in markets
Reasons as to why a government ma...,
Earn revenue for the government,
Provide support to firms
4
cards
4.2 - Government intervention in microeconomics - Price controls
Price controls,
Price ceilings,
Consequences of price ceiling sho...
11
cards
4.3 - Government intervention in microeconomics - Indirect taxes
Indirect taxes,
What does indirect mean with refe...,
Excise taxes
5
cards
4.4 - Government intervention in microeconomics - Subsidies
0
cards
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IB Economics
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