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ariana miah
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Decks in this class (24)
Scarcity+ choice 1.1.1
What are the 4 factors of production,
What does capital mean,
What does enterprise mean
7
cards
Demand basics~ 1.2.2
Define demand,
What does the law of demand state,
What is a contraction and extensi...
12
cards
Supply basics~1.2.4
Define supply,
Define law supply,
When prices increase how will thi...
10
cards
Market equilibrium and disequilibrium
Define market,
What s another word for market,
What is the role of the market
10
cards
Consumer and producer surplus
Define consumer surplus,
How do you it s consumer surplus,
Define producer surplus
5
cards
Price elasticity of demand
Define ped,
How do you calculate ped you have...,
Why will ped always be negative
12
cards
PED and total revenue
Why is ped important for a business,
When does a business know their d...,
When the business knows that thei...
4
cards
cross-elasticity of demand (xed)1.2.3
Define xed,
How do you calculate xed,
How do you know xed is positive
10
cards
Income elasticity of demand (YED)
Define income elasticity of demand,
How do you calculate income elast...,
What is the main role of yed
12
cards
Business use and limitations
Why is ped useful for businesses,
Why is pes useful for businesses,
Why is xed useful for businesses
4
cards
Subsidy
How do you draw a subsidy diagram,
Explain what happens in the diagram,
What can be evaluation points for...
3
cards
Minimum price
What is meant by the minimum price,
How would the diagram look like
2
cards
PES 1.2.5
Define pes,
How do you calculate pes,
Why are the values of pes always ...
5
cards
Division of labour~
Define division of labour,
What are the advantages of divisi...,
What are the disadvantages of div...
3
cards
Tradable pollution permits 1.4.1
Is tradable pollution permits hav...,
Why is taxation and regulation in...,
How do these pollution permits work
9
cards
property rights and market failure
Do natural resources have any pri...,
Since there s no private ownershi...,
What could be a example of this
6
cards
1.2.7 Price mechanism the 4 functions
If there is excess demand in the ...,
What happens if there is excess s...,
What is a evaluation in price mec...
9
cards
1.3.1 types of market failure
Define market failure,
What is positive negative externa...,
What is the evaluation point for ...
7
cards
1.2.1 rational decision making
Define utulity,
Why do consumers wish to maximize...,
Why do firms wish to maximize pro...
5
cards
1.2.6 price determination
What does the equlibrium point re...,
What happens to price determinati...,
How would you draw the curve for ...
5
cards
Indirect tax and market failure
Define indirect tax,
What is the role of indirect tax,
How would negative externality lo...
11
cards
Subsidy and market failure
Define subsidy,
How would the positive externalit...,
How does the subsidy work in cons...
8
cards
regulation and market failure
Define regulation,
When will regulation play a part ...,
What types of regulations could t...
9
cards
tradable pollution permits extra info
How does tradable pollution permi...,
How would the curve look like for...
2
cards
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1.1 nature of economics-econplusdal
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