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Decks in this class (26)
1.1 NATURE OF ECONOMICS
0
cards
1.1.1 Economics as a social science
Developing models and need to mak...,
Model vs theory,
Ceteris paribus assumption
4
cards
1.1.2 Positive and normative economic statements
Positive statement,
Normative statement,
)
4
cards
1.1.3 The economic problem
Problem of scarcity and solution,
Renewable resources,
Non renewable resources
12
cards
1.1.4 Production possibility frontiers
Production possibility frontier ppf,
Movements along ppf,
Shifts of ppf
6
cards
1.1.5 Specialisation and the division of labour
Specialisation and the division o...,
Adam smith specialisation and div...,
Specialisation and the division o...
13
cards
1.1.6 Free market economies, mixed economy and command economy
Different market types,
Free market economy,
Adam smith free market economy
16
cards
1.2 HOW MARKETS WORK
0
cards
1.2.1 Rational decision making
Underlying assumptions of rationa...,
Consumers aim to maximise utility...,
Firms aim to maximise utility ass...
4
cards
1.2.2 Demand
Demand,
Movements of demand curve,
Shifts of demand curve
6
cards
1.2.3 Price, income and cross elasticities of demand
Elasticity of demand,
Price elasticity of demand ped an...,
If the original price was 5 and 1...
26
cards
1.2.4 Supply
Supply,
Movements along a supply curve,
Shifts of supply curve
13
cards
1.2.5 Elasticity of supply
Price elasticity of supply pes,
Pes numerical values,
Unitary elastic pes
15
cards
1.2.6 Price determination
Equilibrium price and quantity pr...,
Excess demand,
Excess supply
5
cards
1.2.7 Price mechanism
Price mechanism,
Functions of the price mechanism ...,
Rationing function of price mecha...
8
cards
1.2.8 Consumer and producer surplus
Consumers surplus,
Producer surplus,
Demand effect on consumer and pro...
6
cards
1.2.9 Indirect taxes and subsidies
Indirect taxes,
Ad valorem indirect taxes,
Specific tax indirect taxes
11
cards
1.2.10 Alternative views of consumer behaviour
Reasons consumers may not behave ...,
Influence of other people s behav...,
Influence of habitual behaviour i...
4
cards
1.3 MARKET FAILURE
0
cards
1.3.1 Types of market failure
Market failure,
Types of market failure,
Externalities
5
cards
1.3.2 Externalities
Private costs,
Social costs,
External costs benefits
18
cards
1.3.3 Public goods
Public goods,
Non rivalry goods public goods,
Non excludable goods public goods
7
cards
1.3.4 Information gaps
Information gaps,
Symmetric information,
Asymmetric information
7
cards
1.4 GOVERNMENT INTERVENTION
0
cards
1.4.1 Government intervention in markets
Types of govt intervention,
Types of govt intervention,
Indirect taxation
35
cards
1.4.2 Government failure
Government failure,
Distortion of price signals govt ...,
Unintended consequence govt failure
5
cards
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Theme 1 Econ: Intro to markets and market failure
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