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Katie Taylor
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Decks in this class (22)
Economies as a social science (1.1.1)
What is ceteris paribus,
What s an example of the use of c...,
Why is it difficult to set up exp...
3
cards
Positive and Normative Economic Statements (1.1.2)
What is a positive statement,
What are examples of positive sta...,
What is a normative statement
9
cards
The Economic Problem (1.1.3)
What is the economic problem,
What does scarcity mean,
What are renewable resources
12
cards
Production Possibility Frontiers (1.1.4)
What does a ppf graph show,
What are the two different types ...,
Define capital goods
20
cards
Specialisation and the Division of Labour (1.1.5)
What does labour productivity mean,
What theories did adam smith come...,
Explain adam smith s pin factory ...
15
cards
Free Market economies, mixed economy and command economy (1.1.6)
1.1.1. Economics as a social science, 1.1.2. Positive and Normative Statements, 1.1.3. The Economic Problem, 1.1.4. Production Possibility Frontiers, 1.1.5. Specialisaion and Division of Labour, 1.1.6. Types of Economies
21
cards
Rational Decision Making (1.2.1)
What is rational decision making,
Define rational decision making,
Define utility
11
cards
Demand (1.2.2)
What does demand mean,
What does a demand curve look like,
What s the general rule of a dema...
11
cards
Price, Income & Cross Elasticities of Demand (1.2.3)
What is price elasticity of deman...,
What does ped look like,
What s the equation for working o...
33
cards
Supply (1.2.4)
What does supply mean,
What does the supply curve look l...,
What are the factors leading to a...
10
cards
Price Elasticity of Supply (1.2.5)
What is price elasticity of supply,
What s the equation for pes,
What are the factors that affect ...
14
cards
Price Determination (1.2.6)
In a free market economy what are...,
What is the equilbrium point,
What is this price also known as
14
cards
Price Mechanism (1.2.7)
What does price mechanism mean,
What market would price mechanism...,
What are the three main functions...
10
cards
Consumer and Producer Surplus (1.2.8)
What s consumer surplus,
What s an example of consumer sur...,
Where is consumer surplus shown o...
11
cards
Indirect Taxes and Subsidies (1.2.9)
1.2.1. Rational Decision Making, 1.2.2. Demand, 1.2.3. Elasticities of Demand, 1.2.4. Supply, 1.2.5. Price Elasticity of Supply, 1.2.6. Price Determination, 1.2.7. Price Mechanism, 1.2.8. Consumer and Producer Surplus, 1.2.9. Indirect Taxes and Subsidies
22
cards
Types of Market Failure (1.3.1)
What s market failure,
What is complete market failure,
What s partial market failure
8
cards
Externalities (1.3.2)
Define externalities,
What are positive externalities,
What s an example of a positive e...
21
cards
Public Goods (1.3.3)
What are public goods,
What are some examples of public ...,
Why do firms not provide public g...
17
cards
Information Gaps (1.3.4)
What are information gaps,
What s an example situation where...,
How are information gaps reduced ...
8
cards
Government Intervention in Markets (1.4.1)
What are the 7 types of governmen...,
What s an example of a good that ...,
What will happen to the price of ...
32
cards
Government Failure (1.4.2)
What is government failure
1
cards
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