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Theme 1 Econ: Intro to markets and market failure > 1.1 NATURE OF ECONOMICS > Flashcards

1.1 NATURE OF ECONOMICS Flashcards

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Theme 1 Econ: Intro to markets and market failure (26 decks)

1.1 NATURE OF ECONOMICS

1.1.1 Economics as a social science

1.1.2 Positive and normative economic statements

1.1.3 The economic problem

1.1.4 Production possibility frontiers

1.1.5 Specialisation and the division of labour

1.1.6 Free market economies, mixed economy and command economy

1.2 HOW MARKETS WORK

1.2.1 Rational decision making

1.2.3 Price, income and cross elasticities of demand

1.2.5 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

1.2.10 Alternative views of consumer behaviour

1.3 MARKET FAILURE

1.3.1 Types of market failure

1.3.2 Externalities

1.3.3 Public goods

1.3.4 Information gaps

1.4 GOVERNMENT INTERVENTION

1.4.1 Government intervention in markets

1.4.2 Government failure

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