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Jonny AB
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Decks in this class (28)
1.1.1 Introduction to economics
Microeconomics,
Macroeconomics,
Social science
13
cards
1.1.2 The basic economic problem
Basic economic problem,
What is assumed with the basic ec...,
Consumers seek to maximise
11
cards
1.1.3 Factors of production
Product,
Production,
Productivity
9
cards
1.1.4 Opportunity cost
What is opportunity cost,
What are some of the problems wit...,
What is a free good
5
cards
1.1.5 Production Possibility Frontiers (PPF)
Opportunity cost,
Opportunity cost,
Potential growth
16
cards
1.1.6 Free market economies, mixed economy and command economy
What type of economy is the uk,
What is a command economy,
What is a free market economy
19
cards
1.1.7 Specialisation and the division of labour
Specialisation,
Examples of specialisation global...,
Examples of specialisation global...
24
cards
1.2.1 Behavioural economics and rational decision making
Insert new cards from here,
What does rational decision makin...,
What is marginal utility
12
cards
1.2.2 The Demand Curve
What is demand,
What is a market,
How is price determined by the ma...
19
cards
1.2.3 Price, income and cross elasticities of demand
Price elasticity of demand ped,
Price elastic demand,
Price elastic demand
34
cards
1.2.4 The Supply Curve
What is supply,
What does the supply curve show,
What is movement along the supply...
16
cards
1.2.5 Price elasticity of supply
Price elasticity of supply,
Determinants of,
Capacity determinants of pes
18
cards
1.2.6 Price determination
What is a market,
How is price determined in the ma...,
At the equilibrium price what hap...
3
cards
1.2.7 Price mechanism
What are the conditions for a com...,
How do consumers and producers ac...,
What is the main way of allocatin...
13
cards
1.2.8 Consumer and producer surplus
What is consumer surplus,
Give an example of consumer surplus,
Producer surplus
13
cards
1.3.1 Types of market failure
Market failure,
What are the two types of market ...,
What is an example of total marke...
5
cards
1.3.2 Externalities
Externalities,
What are positive externalities,
What are negative externalities
19
cards
1.3.3 Merit and demerit goods
Merit goods,
Examples of merit goods,
Why do merit goods tend to be uyn...
9
cards
1.3.4 Public goods
Public goods,
Non rivalry,
Non excludability
11
cards
1.3.4 Imperfect information
Symmetric information,
What is assumed in competitive ma...,
Asymmetric information
7
cards
1.4.1 Taxation
Forms of government intervention,
What are the two types of taxes,
Direct taxes
16
cards
1.4.2 Subsidies
Subsidies,
What do subsidies do to the suppl...,
Give an example of where a govern...
6
cards
1.4.3 Maximum and minimum prices
Maximum prices price ceiling,
What is the main reason why price...,
How do maximum prices affect supp...
14
cards
1.4.4 State provision of goods and privatisation
Privatisation,
What does privatisation cover,
Advantages of privatiastion
10
cards
1.4.5 Regulation
What is regulation,
What can regulation be used to do,
What happens if firms or individu...
11
cards
1.4.6 Provision of information
Why do governments try to improve...,
Examples of government provided i...,
How does government provision of ...
8
cards
1.4.7 Other forms of government intervention
Cap and trade scheme,
Define tradeable,
Define permit
13
cards
1.4.8 Government failure
Government failure,
Examples of government failure,
Administrative costs as a cause o...
15
cards
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a level economics - theme 1 (introduction to markets and market failure)
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