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Decks in this class (22)
1.1.1 Economics as a Social Science
What is meant by a model,
What is certeris paribus
2
cards
1.1.2 Postive and Normative Statements
What is a positive statement,
What is a normative statement,
Can a positive statement be tested
4
cards
1.1.3 The Economic Problem
What does scarcity mean,
What is a renewable resource,
What is a non renewable resource
10
cards
1.1.4 Production Posibility Frontiers
What is a ppf,
What does point a show on this ppf,
What is a capital good
9
cards
1.1.5 Specialised Division of Labour
What is the specialised division ...,
What did economists adam smith be...,
What are the advantages of the sp...
5
cards
1.1.6 Free, Command and Mixed Economies
What is a free market economy,
What did adam smith argue about f...,
What did karl marx argue about th...
11
cards
1.2.1 Rational Decision Making
What is a consumer making a decis...,
What is utility,
What are the aims of firms
3
cards
1.2.2 Demand
What is demand,
What factors cause a movement alo...,
What factors cause a shift in the...
17
cards
1.2.3 Price, Income, Cross Elasticity of Demand
What is price elasticity of deman...,
How do you measure ped,
What is an elastic ped
33
cards
1.2.4 Supply
What is supply,
What is a firm,
What is a competitive market
7
cards
1.2.5 Price Elasticity of Supply
What is price elasticity of supply,
What is the formula for pes,
Describe what good that has a 07 pes
8
cards
1.2.6 Price Determination
What is market equilibrium,
What occurs when the price is bel...,
What occurs when the price is abo...
7
cards
1.2.6 Price Determination
What is point labbled y,
Point labbled x,
What is market equilibrium
5
cards
1.2.8 Consumer and Producer Surplus
What is consumer surplus,
An example of a good with a high ...,
Why does an inelastic good have a...
12
cards
1.2.9 Tax and Subsidies
What is an indirect tax,
What are the 2 types of tax,
What is a specific tax
37
cards
1.4.1 Government Intervention
What are the 4 main ways the gove...,
What is an indirect tax,
What does an indirect tax do to t...
24
cards
1.3.4 Information Gaps
What is symmetric information,
What is asymmetric information,
Give 3 examples of where informat...
4
cards
1.3.3 Public Goods
What is a private good,
What are public goods evident of ...,
What does non excludable mean
5
cards
1.3.1 Types of Market Failure
What are the 3 types of market fa...
1
cards
1.3.2 Externalities
What is meant by an externality,
What is private cost,
What is the social cost
16
cards
1.4.1 Government Intervention in Markets B
What are the 4 ways a government ...,
What are traceable pollution permits,
Why are the supply of pollution p...
8
cards
Government Failure 1.4.2
What is government failure,
What are the 4 causes of governme...,
How does the government cause the...
5
cards
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Theme 1
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