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Uttam Venkatesh
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Decks in this class (21)
Basic economic problem
What is the basic economic problem,
Explain why the basic economic pr...,
What is marginal benefit and marg...
6
cards
Specialisation and money
What is specialisation,
What are examples of specialisati...,
What is another name for speciali...
8
cards
Economic methodology
Why is economics a social science,
Why is economics empirical making...,
What is the difference between po...
3
cards
Markets
What choices have to be made to m...,
What are the characteristics of a...,
Define a market
5
cards
Demand
What is the definition of demand,
What is the relationship between ...,
What are 4 factors that cause a s...
8
cards
Supply
What is the definition of supply,
Explain the relationship between ...,
What factors cause a shift in supply
3
cards
Market equilibrium
What is the market equilibrium,
What happens at a price below the...,
How do the price mechanisms solve...
3
cards
Interrelationships between markets
What is a substitute good,
What is competitive demand,
Describe
9
cards
Price elasticity of demand
Define ped,
What is the formula for ped,
Why is ped negative
9
cards
Income and cross elasticity of demand
Define yed,
What is the formula for yed,
What are normal goods
9
cards
Price elasticity of supply
Define pes,
What is the formula for pes,
Why is pes positive
6
cards
Indirect tax and subsidies
Describe the effect of an increas...,
What are the differences in an in...,
What is the difference between an...
9
cards
The invisible hand
Why do we need to make economic c...,
What are the 3 main economic choices,
How do we judge how effective an ...
16
cards
Market failure 1 - externalities
What is an externality,
Why are externalities bad,
Describe the difference between n...
19
cards
Merit goods
Define a merit good,
What are the 3 reasons to why mer...,
Why does imperfect information an...
14
cards
Demerit goods
Define demerit goods,
What are 3 reasons to why demerit...,
Why do demerit goods cause negati...
6
cards
Minimum and Maximum Pricing
Why would a government implement ...,
What are 3 examples of min pricin...,
What are 2 examples of a max pric...
6
cards
Public goods
What is the difference between co...,
What are the 2 characteristics of...,
Explain what non rivalrous means
9
cards
Immobility of labour
What are the causes of a regional...,
How do the natural market forces ...,
What are the solutions to occupat...
4
cards
Problems of inequality
Why is equity a normative concept,
Explain the relationship between ...,
What is the welfare state
4
cards
Information failure
Why is perfect information important,
Why does imperfect information occur,
What are the solutions to asymmet...
5
cards
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Microeconomics flashcards
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