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

Decks in this class (45)

MICRO - LS1 - The Economics Problem
30  cards
MACRO - LS1 - Intro to Macroeconomics
Government role,
23  cards
MICRO - LS2 - Economics as a social science
Why is economics a social science,
What are models used for,
How do they work and what s the r...
6  cards
MACRO - LS2 - Measures of Economic Preformance (Part 1)
What does the fact that the uk is...,
What are index numbers used for,
Index numbers formula
27  cards
MICRO - LS3 - Production Possibility Frontiers
Opportunity cost definition,
Uses of opportunity costs for con...,
What s a production possibility f...
16  cards
MICRO - LS4 - Positive & Normative Statements
Positive economic statements,
Normative economic statements,
Usual normative word indicators
5  cards
MACRO - LS2 - Measures of Economic Preformance (Part 2)
Inflation definition,
29  cards
MICRO - LS5 - Specialisation & The Division Of Labour
What is specialisation,
What does the uk specialise in,
Advantages of specialisation
17  cards
MACRO - LS2 - Measures Of Economic Preformance (Part 3)
What is the balance of payments,
What is the balance of payments m...,
What s the current account and wh...
20  cards
MICRO - LS6 - Types Of Economy
Planning definition,
Market definition,
What do government do
23  cards
MICRO - LS7 - Decision Making In Economics
Problem assumptions about the beh...,
Deduction economists,
Deduction economists
12  cards
MICRO - LS8 - Demand
How can we explain the changes in...,
Demand definition,
What does law of demand state
13  cards
MICRO - LS9 - Supply
Revenue definition,
Total revenue,
What do firms do in a market
21  cards
MICRO - LS10 - Price Determination
What s market equilibrium,
Why is equilibrium also known as ...,
Excess demand
6  cards
MICRO - LS11 - Taxes & Subsidies
Direct tax,
Indirect tax,
Direct tax example
20  cards
MACRO - LS3 - Aggregate Demand (Part 1 & 2)
Aggregate demand definition,
Ad equation,
Uk ad
11  cards
MACRO - LS3 - Aggregate Demand (Part 3)
Consumption definition,
Disposable income y,
Marginal propensity to consume mpc
14  cards
MACRO - LS3 - Aggregate Demand (Part 4 & 5)
Gross investment,
Net investment
9  cards
MACRO - LS3 - Aggregate Demand (Part 6)
Determinants of government spending,
Change in political priorities,
Changes in economic priorities de...
12  cards
MICRO - LS12 - Elasticity
Price elasticity of demand ped,
Demand is said to be price elasti...,
Demand is said to be price inelas...
38  cards
MICRO - LS4 - Aggregate Supply
Aggregate supply definition,
Sras definition,
How do firms increase output in s...
17  cards
MICRO - LS13 - Consumer & Producer Surplus
Consumer surplus,
Producer surplus,
What must be drawn on producer co...
11  cards
MACRO - LS6 - Equilibrium Levels Of Real National Output
What s the equilibrium level of r...,
What do keynesian and classical e...,
What causes ad to shift
18  cards
MACRO - LS5 - The Circular Flow Of Income Model
The circular flow of income,
National output,
National expenditure
18  cards
MICRO - LS14 - Diminishing Marginal Utility & Misc
Gov spending eq,
Tax revenue eq,
Income effect
6  cards
MACRO - LS7 - The Multiplier
What s the multiplier effect,
How does the multiplier effect work,
What does the size of the multipl...
19  cards
What does xed stand for,
Xed formula,
Xed definition
15  cards
MICRO - LS16 - Price Mechanism
What is the price mechanism,
What are the functions of the pri...,
Signalling function
15  cards
MACRO - LS8 - Inflation
Inflation definition,
Two main ways of measuring inflation,
Survey given to measure inflation
26  cards
MICRO - LS17 - Market Failure & Externalities
Market failure,
Public goods
9  cards
MACRO - LS9 - Employment & Balance Of Payments
Types of unemployment,
Frictional unemployment,
Seasonal unemployment
17  cards
MICRO - LS18 - Public Goods
Merit goods,
Non rival vs rival,
Non excludable vs excludable
18  cards
MICRO - LS19 - Information Gaps
Perfect information,
Symmetric information,
Imperfect information
6  cards
MICRO - LS20 - Max & Min Prices
Maximum price,
Minimum price,
Types of monopoly
13  cards
MACRO - LS10 - Economic Growth (Part 1)
Economic growth,
Sustainable growht,
What can cause economic growth
34  cards
MICRO - LS21 - Tradable Pollution Permits
What do governments set to do wit...,
What does the government allocate,
Advantages of minimum and maximum...
5  cards
MICRO - LS22 - Regulation
6  cards
MICRO - LS23 - Government Failure
Government failure,
Causes of government failure,
Unintended consequences
11  cards
Factor mobility,
Geographical mobility,
Occupational mobility
16  cards
MACRO - LS10 - Economic Growth (Part 2)
Benefits of economic growth,
Costs of economic growth,
Does increase in gdp cause an inc...
10  cards
MACRO - LS10 - Economic Growth (Part 3)
Limitations of gdp and gni
19  cards
MACRO - LS11 - Macroeconomic Objectives
4 macroeconomic objectives,
Economic growth,
Unemployment employment
8  cards
MACRO - LS12 - Demand-Side Policies (Part 1)
Demand side policy,
Monetary policy,
Who decides interest rates
15  cards
MACRO - LS12 - Demand-Side Policies (Part 2)
Examples of fiscal policies,
Gov budgets,
Another name for accumulated debt
12  cards
MACRO - LS12 - Demand-Side Policies (Part 3)
What policies do keynesian econom...,
What policies do classical econom...,
Strengths weaknesses of demand si...
18  cards

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