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Unit 1/2 - Economics

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

By: Laura Brady
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Decks in this class (17)

U1 AOS1 - Lesson 1 - Intro to Economics
What is economics,
Microeconomics,
Macroeconomics
8  cards
U1, AOS1 - Lesson 2 - Relative Scarcity
Basic economic problem relative s...
1  cards
U1, AOS1 - Lesson 3 - Opportunity Costs
Opportunity cost,
Cost benefit analysis,
Trade off
8  cards
U1, AOS 1 - Lesson 4 - Basic Economic Questions
The three basic economic questions,
True false one of the three basic...
2  cards
U1 AOS1 - Lesson 5 - Circular Flow Model
The three sectors of the circular...,
True false households only provid...,
The first flow between households...
4  cards
U1, AOS1 - Lesson 6 - Trade Offs
Opportunity cost,
Basic economic problem relative s...,
Cost benefit analysis
6  cards
Unit 1 Area of Study 1 Lesson 7 Economic Agents - Consumers
The traditional view of the consumer,
A consumer aims to maximise their,
Paying your mortgage before buyin...
6  cards
Unit 1 Area of Study 1 Lesson 8 Economic Agents - Businesses
The traditional aim of businesses...,
How do businesses maximise profit,
3  cards
Unit 1 Area of Study 1 Lesson 9 Economic Agents - Government
The macroeconomic goals which the...,
The traditional aim of the govern...,
What is the main tool used by the...
3  cards
Microeconomics - L6 Law of Demand
What is a market,
What is the price or market mecha...,
Define demand
13  cards
Microeconomics - L7 Law of Supply
Define supply,
What does the law of supply state,
List the 4 supply non price facto...
11  cards
Microeconomics - L8 Market Equilibrium
What is the market or price mecha...,
How do the forces of demand and s...,
What is the market equilibrium
3  cards

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Unit 1/2 - Economics

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