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 2,
Define ceteris paribus 3
24
cards
2.3 Supply
Define supply 1,
What is the law of supply 2,
Define market supply 3
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 or ...
10
cards
2.5 The role of price mechanism and market efficiency
How does society make a choice ab...,
What does an increase in price si...,
What does an increase in price si...
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 1,
What does ped stand for 2,
What does ped measure 3
37
cards
3.2 Income Elasticity of Demand (YED)
What is income elasticity of dema...,
Formula of yed 2,
Yed means 3
21
cards
3.3 Price Elasticity of Supply (PES)
What is the law of supply 1,
What does pes stand for 2,
What does pes measure 3
18
cards
2.7 Government Intervention in Markets
When do governments have to inter...,
What issue does market failure le...,
What is market failure 3
11
cards
Price Controls
What are price controls 1,
What do price controls result in 2,
What is a price ceiling 3
31
cards
Subsidies
What are subsidies 1,
How do subsidies affect the alloc...,
Why the government grants subsidi...
8
cards
Taxes
What are indirect taxes 1,
How do taxes affect the allocatio...,
Why government impose indirect ta...
14
cards
Government intervention - other examples
0
cards
2.8 Market Failure
Define market failure 1
1
cards
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Microconomics
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