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

Decks in this class (18) Economic methodology
Students should understand how thinking as an economist may differ from other forms of scientific enquiry.
14  cards Production possibility diagrams
Students should be able to use production possibility diagrams to illustrate these features.
8  cards Consumer behaviour
What are the two key assumptions ...,
What does behavioral economics th...,
What is the rational individual c...
13  cards The determinants of the demand for goods and services
Students should understand the factors that influence the spending decisions of consumers, including: price, income, wealth, the price of substitutes and complementary goods, and individual preferences. They should also appreciate that such decisions are influenced by social and emotional factors.
9  cards
What is a relatively elastic valu...,
Why is ped usually negative,
What is a inelastic value of ped
16  cards The determinants of the supply of goods and services The interrelationship between markets Price elasticity of supply
16  cards Production and productivity
What does production involve,
What is productivity,
What is division of labor
8  cards The balance of payments
Students should have a detailed knowledge of the structure of the current account of the balance of payments but only need a general appreciation of the other sections of the balance of payments account. Students should appreciate the difference between foreign direct investment (FDI) and portfolio investment.
11  cards Economic growth and the economic cycle
What is a negative output gap,
What happens as a result of a neg...,
What sort of inflation happens du...
4  cards Employment and unemployment
What effect would a strong exchan...,
What is structural unemployment,
What is frictional unemployment
6  cards
3.2.4 Macroeconomic policy
What does fiscal policy involve,
What scenario is reflationary fis...,
What is reflationary fiscal policy
4  cards
Macroeconomic equilibrium.
What effect would a fall in world...,
What happens at market equilibrium,
What state is the market in when ...
7  cards
What is the definition of demand ...,
What is the definition of cost pu...,
How might a bottle neck shortage ...
3  cards
Common mistakes.
What is the usual value of pes fo...,
In what situation does negative e...
2  cards Monopoly and monopoly power
What is a likely source of a phar...,
What is a pure monopoly,
What are the three things that ma...
12  cards Government intervention in markets
The existence of market failure, in its various forms, provides an argument for government intervention in markets. Governments influence the allocation of resources in a variety of ways, including through public expenditure, taxation and regulations. Governments have a range of objectives and these affect how they intervene in a mixed economy to influence the allocation of resources. The use of indirect taxation, subsidies, price controls, state provision and regulation to correct market failur
0  cards Positive and negative externalities in consumption and production
On a diagram what happens when ms...,
On a diagram what happens when ms...,
When does market failure occur
10  cards
Keywords with exam definitions
Define the term income elasticity...,
Define the term subsidy,
Define the term normal good
22  cards

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a-level economics aqa

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