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Theme 1 - Introduction to Markets and Market Failure

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

By: Zarifa Mir
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Decks in this class (22)

1.1.2 - Positive and Normative Economic Statements
What is a positive statement,
What is a normative statement,
3  cards
1.1.3 - The Economic Problem
0  cards
1.1.4 - Production Possibility Frontiers (PPF)
0  cards
1.1.5 - Specialisation and the Division of Labour
0  cards
1.1.6 - Free market economies, mixed economy and command economy
0  cards
1.2.1 - Rational Decision Making
0  cards
1.2.2 - Demand
0  cards
1.2.3 - Price, income and cross elasticities of demand
0  cards
1.2.4 - Supply
0  cards
1.2.5 - Elasticity of Supply
0  cards
1.2.6 - Price determination
0  cards
1.2.7 - Price Mechanism
0  cards
1.2.8 - Consumer and Producer Surplus
0  cards
1.2.9 - Indirect Taxes and Subsidies
0  cards
1.2.10 - Alternative Views on Consumer Behaviour
0  cards
1.3.1 - Types of Market Failure
0  cards
1.3.2 - Externalities
0  cards
1.3.3 - Public goods
0  cards
1.3.4 - Information gaps
0  cards
1.4.1 - Government intervention in markets
0  cards
1.4.2 - Government failure
0  cards
Theme 1 Definitions
Ceteris paribus,
Capital,
Capital goods
16  cards

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Theme 1 - Introduction to Markets and Market Failure

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