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REVISION year 12 micro

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

By: Jamie Emerick
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Decks in this class (17)

1) scarcity and choice
Define opportunity cost,
Define ppc,
How do you expand a ppc
12  cards
13) Governemt Intervention In The Environment
What are the 3 functions of the e...,
What does the kuznets curve show,
What determines whether economic ...
6  cards
12) Tradeable Pollution Permits
What are tradeable pollution permits,
What are the advantages of tradea...,
Advantages of tradable pollution ...
4  cards
2)Allocation of resources
Define resource allocation,
What do we assume about household...,
Evaluating usefulness of incentives
21  cards
3) the objectives of economic agents
What is marginal utility,
What is the theory of diminishing...,
How do the objectives of consumes...
8  cards
4) productive and allocative efficiency
Define productive efficiency,
Define allocative efficiency,
Define economic efficiency
6  cards
Test actions
Whats the difference between norm...,
What is a free good,
Define derived demand
6  cards
5) producer and consumer surplus
Define consumer surplus,
Analyse the effect on consumer su...,
What might the size of the change...
5  cards
6) Elasticities
What is the equation to work out ped,
What values are associated to ine...,
What 5 factors influence ped
23  cards
7) Externalities
What is market failure,
What is marginal social cost,
What is marginal social benefit
21  cards
8) Government intervention
Define a subsidy,
Examples of subsidised goods,
Why are goods subsidised
30  cards
9)types of goods and information failure
Define merit goods,
Examples of merit goods,
Why do merit goods lead to market...
17  cards
10) government failure
Define government failure,
Examples of government failure,
How does government failure arise
8  cards
11) public private partnerships (government intervention)
What is ppp and how does it work,
Why do the government use ppp,
What are the advantages of ppp
4  cards
14) supply and demand
What is composite demand and deri...,
Causes of shifts in demand,
What is composite supply and comp...
4  cards
15) cost benefit analysis
What is cba used for,
How can cba help governments,
What must be identified for cba
7  cards
16) market examples
What are some characteristics of ...,
What elasticities do commodities ...,
What are the effects of price ins...
10  cards

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REVISION year 12 micro

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