- decks
- flashcards
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Decks in this class (13)
The Economic Problem (LS1)
Renewable resources vs non renewa...,
Opportunity cost 2,
Factors of production 3
17
cards
Economics As A Social Science, PPF, P&N Economic Statements (LS2, LS3, LS4)
What do economists rely on and why 1,
What does ceteris paribus mean an...,
Why is it difficult for economist...
23
cards
Key Economists
John maynard keynes 1883 1,
Keynes animal spirits theory 2,
Milton friedman 1912 3
6
cards
Specialisation and the Division of Labour (LS5)
Specialisation 1,
What does the uk specialise on 2,
Why does specialisation allow ind...
22
cards
Economic Systems (LS6)
Planning 1,
Market 2,
Price mechanism 3
38
cards
Decision Making in Economics + Demand (LS7, LS8)
What is the problem 1,
Assumptionse can be made followin...,
In classical and neoclassical eco...
21
cards
Supply (LS9)
Revenue 1,
Total revenue 2,
Firms in a market 3
10
cards
Price Determination, Tax + Subsidies (LS10 + LS11)
Bartering 1,
Excess demand 2,
Excess supply 3
23
cards
Elasticity (LS12)
Price elasticity of demand 1,
Demand is said to be price elasti...,
Demand is price inelastic when 3
10
cards
Consumer + Prodcuer Surplus, Diminishing Marginal Utility + Misc (LS13, LS14)
Consumer surplus 1,
Produced surplus 2,
Consumer producer surplus diagram 3
10
cards
XED, YED + Price Mechanism (LS15, LS16)
Income elasticity of demand yed 1,
Values for yed normal and inferior 2,
Necessity normal goods 3
65
cards
Externalities (LS17)
A market fails when the 1,
Private cost 2,
External costs 3
33
cards
Governemnt Intervention in Markets (LS20, LS21, LS22, LS23)
How does gov internee when there ...,
Maximum price 2,
Minimum price 3
33
cards
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imaya- Micro (Theme 1)
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