This class was created by Brainscape user Lindsay Ang. Visit their profile to learn more about the creator.
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Lindsay Ang
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Decks in this class (17)
1.1 What is Economics
0
cards
1.2 How do economists approach the world
0
cards
2.1 Introduction to Competitive Markets
0
cards
2.2 Demand
How is the price of a good determ...,
Define demand,
Define ceteris paribus
24
cards
2.3 Supply
Define supply,
What is the law of supply,
Define market supply
30
cards
2.4 Competitive market equilibrium
When will there be a surplus or e...,
What will happen when there is a ...,
When will there be a shortage of ...
10
cards
2.5 The role of price mechanism and market efficiency
How does society make a choice ab...,
What does a higher price signal t...,
What does a lower price
27
cards
2.6 Critique of maximising behaviour of consumers and producers (HL)
0
cards
3.1 Price elasticity of demand (PED)
What is the law of demand,
What does ped stand for,
What does ped measure
37
cards
3.2 Income Elasticity of Demand (YED)
What is income elasticity of demand,
Formula of yed,
If yed is yed
21
cards
3.3 Price Elasticity of Supply (PES)
What is the law of supply,
What does pes stand for,
What does pes measure
18
cards
2.7 Government Intervention in Markets
When do governments have to inter...,
What issue does market failure le...,
What is market failure
11
cards
Price Controls
What are price controls,
What do price controls result in,
What is a price ceiling
31
cards
Subsidies
What are subsidies,
How do subsidies affect the alloc...,
Why the government grants subsidies
8
cards
Taxes
What are indirect taxes,
How do taxes affect the allocatio...,
Why government impose indirect taxes
14
cards
Government intervention - other examples
0
cards
2.8 Market Failure
Define market failure
1
cards
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Microconomics
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