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Decks in this class (14)
1.1.1 Economics As A Social Science
Why do economists use models in e...,
What and why do we use the ceteri...,
Why is there an inability to cond...
3
cards
1.1.2 Positive + Normative Statements
What is a positive statement 112a...,
What is a normative statement 112...,
How do value judgements influence...
3
cards
1.1.3 The Economic Problem
What is the basic economic proble...,
What are the factors of productio...,
Economic agents 4 3
6
cards
1.1.4 Production Possibilty Frontier
What is a production possibility ...,
What is marginal opportunity cost 2,
What levels of production are obt...
13
cards
1.1.5 Specialisation And The Division Of Labour
115a what is specialisation eg 2 1,
115a what is the division of labo...,
What is productivity 2 3
8
cards
1.1.6 Free Market Economies, Mixed Economy And Command Economy
What is a free market economy 116a 1,
What is a command economy 116a 2,
What is a mixed economy 116a 3
18
cards
1.2.1 Rational Decision Making
What is rational decision making ...,
Consumers rational economic decis...,
Utility meaning 3
11
cards
1.2.2 Demand
What is demand 1,
What causes movements along the d...,
What is a demand curve 3
25
cards
1.2.4 Supply
What is supply 1,
What does a supply curve show 2,
How is the supply curve sloped an...
17
cards
1.2.3 Price, Income And Cross Elasticities Of Demand
Price elasticity of demand defini...,
Calculation for ped 2,
Why is a ped calculation always b...
29
cards
1.2.5 Elasticty Of Supply
Price elasticity of supply defini...,
Elastic supply definition 2,
Inelastic supply definition 3
7
cards
1.2.8 Consumer And Producer Surplus
Consumer surplus definition 1,
Describe what is happening 2,
Describe what is happening 3
5
cards
1.2.9 Indirect Taxes + Subsidies
What is a direct tax 1,
What is an indirect tax 2,
What is specific tax 3
13
cards
1.3.1 Market Failure
Market failure definition 1,
Market definition 2,
Name 3 types of costs 3
23
cards
More about
Theme 1 Micro Economics
- Class purpose General learning
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