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Oskar Malik
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Decks in this class (22)
1.1.1 economics as a social science
Thinking like an economist the pr...,
The use of the ceteris paribus as...,
Theinabilityineconomicstomakescie...
3
cards
1.1.2 positive and normative economic statements
Distinction between positive and ...,
The role of value judgements in i...
2
cards
1.1.3 the economic problem
The problem of scarcity where the...,
The distinction between renewable...,
The importance of opportunity cos...
3
cards
1.1.4 production possibility frontiers
What is a ppf,
The use of production possibility...,
The use of production possibility...
8
cards
1.1.5 specialisation and the division of labour
Specialisation and the division o...,
The advantages and disadvantages ...,
The advantages and disadvantages ...
4
cards
1.1.6 Free market economies, mixed economy and command economy
The distinction between free mark...,
The advantages and disadvantages ...,
The role of the government in a m...
3
cards
1.2.1 rational decision making
The underlying assumptions of rat...,
The underlying assumptions of rat...,
The underlying assumptions of rat...
3
cards
1.2.2 demand
The distinction between movements...,
The factors that may cause a shif...,
The concept of diminishing margin...
3
cards
1.2.3 Price, income and cross elasticities of demand
What is ped,
Wh,
Interpret numerical values of pri...
10
cards
1.2.4 Supply
The distinction between movements...,
The factors that may cause a shif...
2
cards
1.2.5 Elasticity of supply
Understanding of price elasticity...,
Use formula to calculate price el...,
Interpret numerical values of pri...
5
cards
1.2.6 Price determination
Equilibrium price and quantity an...,
The use of supply and demand diag...,
The operation of market forces to...
4
cards
1.2.7 Price mechanism
Functions of the price mechanism ...,
Functions of the price mechanism ...,
Functions of the price mechanism ...
4
cards
1.2.8 Consumer and producer surplus
The distinction between consumer ...,
The use of supply and demand diag...,
How changes in supply and demand ...
4
cards
1.2.9 Indirect taxes and subsidies
What are indirect taxes and the t...,
Supply and demand analysis elasti...,
Supply and demand analysis elasti...
5
cards
1.2.10 Alternative views of consumer behaviour
The reasons why consumers may not...,
The reasons why consumers may not...,
The reasons why consumers may not...
3
cards
1.3.1 Types of market failure
Understanding of market failure,
Types of market failure,
Types of market failure
4
cards
1.3.2 Externalities
Distinction between private costs...,
Use of a diagram to illustrate,
Use of a diagram to illustrate
8
cards
1.3.3 Public goods
Distinction between public and pr...,
Why public goods may not be provi...
2
cards
1.3.4 Information gaps
The distinction between symmetric...,
How imperfect market information ...
2
cards
1.4.1 Government intervention in markets
Purpose of intervention with refe...,
Purpose of intervention with refe...,
Purpose of intervention with refe...
7
cards
1.4.2 Government failure
Understanding of government failu...,
Causes of government failure,
Causes of government failure
6
cards
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