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Decks in this class (19)
1.1.2 & 1.1.3 Positive And Normative Economics & Economic Problem
Positive economics 1,
Normative economics 2,
Normative issues when we use it 3
22
cards
1.1.4 & 1.2.7 Production Possibility Frontier & Price Mechanism
Production possibility frontier 1,
Point on the ppf curve 2,
Point outside the ppf 3
12
cards
1.1.6 Free market economies, mixed economy and command economy
Command economies centrally plann...,
Mixed economy 2,
Free market pure economy 3
26
cards
1.2.1 Rational Decision Making
Assumptions between consumers and...,
Assumptions between producers and...,
Do most producers firms aim to ma...
8
cards
1.2.2 Demand
Demand 1,
Demand curve 2,
Demand curve example 3
15
cards
1.2.3 Price, Income and Cross Elasticities of Demand
Price elasticity of demand 1,
Price elasticity of demand equati...,
Price elastic 3
36
cards
1.2.4 Supply
Supply 1,
Supply curve graph 2,
Why do higher prices mean greater...
8
cards
1.2.6 Determination Of Market Prices
Equilibrium price and quantity gr...,
Market clearing price 2,
Price above equilibrium price gra...
21
cards
1.2.8 Consumer & Producer Surplus
Consumer surplus 1,
Producer surplus 2,
Consumer surplus on diagram 3
14
cards
1.2.9 Indirect Taxes And Subsidies
Tax 1,
Reason for tax 2,
Direct tax 3
37
cards
1.2.10 Alternative Views Of Consumer Behaviour
Bounded rationality 1,
Herding 2,
Why is herding irrational result ...
24
cards
1.3.1 & 1.3.3 Types Of Market Failure & Public Goods
Market failure 1,
Types of market failure 2,
Private goods 3
25
cards
1.3.2 Externalities
Externalities 1,
Market failure 2,
External costs negative externali...
36
cards
1.3.4 Information Gaps
Information failure 1,
Competitive markets information a...,
Difference between imperfect and ...
38
cards
1.4.1 Government Intervention In Markets
Main types of government interven...,
Purpose of indirect taxation 2,
Ad valorem tax diagram 3
45
cards
1.4.2 Government Failure
Government failure 1,
Consequences of government failure 2,
Causes of government failure 3
17
cards
1.1.5 Specialisation And The Division Of Labour
Adam smith division of labour 1,
Henry force division of labour 2,
Advantages of division of labour 3
9
cards
1.2.7 Price Mechanism
Price mechanism 1,
Types of price mechanism 2,
Signalling 3
7
cards
Case Studies
Undeveloped countries 1,
What is venezuela s inflation like 2,
What is venezuela s balance of tr...
67
cards
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