This class was created by Brainscape user Niamh Steadman. Visit their profile to learn more about the creator.

Decks in this class (13)

Exam technique
What are the key components of a ...,
What are key components of a 3 5 ...,
What are the key
4  cards
1.1.1 - Economics as a social science
What is a social science,
What is economics,
How is economics a social science
6  cards
1.1.2 - Positive and Normative statements
What is a positive statement,
What are normative statements,
Why are positive statements impor...
4  cards
1.1.3 - Economic Problem
What is the basic economic problem,
What are the 4 resources or facto...,
What are the definitions for each...
9  cards
1.1.4 - Production possibility frontiers
What is a ppf,
What can ppfs be used for,
How can the maximum productive po...
10  cards
1.1.5 - Specialisation and division of labour
What does production involve,
What is productivity,
What is the overall productivity ...
19  cards
1.1.6 - Free market economies, mixed economy and command economy
What are the 4 types of economy,
What is a traditional economy,
What is a command economy
19  cards
1.2.1 - Rational decision making
What following underlying economi...
1  cards
1.2.2 - Demand
What is demand,
What is the law of demand,
What are the 3 types of demand
13  cards
1.2.4 - Supply
What is supply,
What are the factors that affect ...,
What are other factors affecting ...
6  cards
1.2.6 - Price determination
What is market equilibrium,
What does market equilibrium look...,
What is market disequilibrium
7  cards
1.2.7 - Price Mechanism
What is the price mechanism,
What is the function of the price...,
What is the role of the price mec...
4  cards
1.2.8 - Consumer and Producer surplus
What is consumer surplus,
What is a producer surplus,
How is producer surplus and consu...
5  cards

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Microecon y1

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