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By:
Charlie Li
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Decks in this class (79)
Chapter 1.1
Social sciences,
Microeconomics,
Macroeconomics
22
cards
Chapter 1.2
Three basic economic questions,
Resource allocation,
What does government intervention...
12
cards
Chapter 1.3
Model,
Two conditions for an economy to ...,
What does the production possibil...
20
cards
Chapter 1.4
The two ways of thinking in the e...,
Logic,
Hypothesis
8
cards
Chapter 2.1
Market,
Competition,
Competitive markets
3
cards
Chapter 2.2
Demand,
Law of demand,
Market demand
15
cards
Chapter 2.3
Supply,
Law of supply,
Market supply
18
cards
Chapter 2.4
Excess supply surplus,
Excess demand shortage,
What in the free market ensures t...
9
cards
Chapter 2.5
Price mechanisms,
What is key to the market s abili...,
What do signals do
17
cards
Chapter 2.6
Assumptions of rational consumer ...,
Bias,
Biases that affect consumer choices
24
cards
Chapter 3.1
Price elasticity of demand,
If quantity demanded is highly re...,
If quantity demanded is not very ...
26
cards
Chapter 3.2
Income elasticity of demand defin...,
Income elasticity of demand formula,
What does a yed 0 mean
13
cards
Chapter 3.3
Price elasticity of supply,
Price elasticity of supply formula,
When is supply price inelastic
11
cards
Chapter 4.1
Why do governments intervene in m...,
Command and control
2
cards
Chapter 4.2
Price controls,
What do price controls result in,
Price ceiling
14
cards
Chapter 4.3
Indirect taxes,
Direct taxes,
Why does the government impose in...
6
cards
Chapter 4.4
Why do governments grant subsidies,
Consequences of subsidies for sta...,
Which supply curve do you use whe...
4
cards
Chapter 5.1
Common pool resources,
Rivalrous,
Excludable
7
cards
Chapter 5.2
Market failure,
Allocative inefficiency,
When does an externality occur
14
cards
Chapter 5.3
What happens when there is a nega...,
Pigovian tax,
Policies used to correct negative...
18
cards
Chapter 5.4
What happens when there is a nega...,
In general what do negative exter...,
Demerit good
12
cards
Chapter 6.1
What happens when there is a posi...,
Solutions for correcting positive...,
What does the correction of posit...
3
cards
Chapter 6.2
What happens when there is a posi...,
In general what do positive exter...,
Merit good
7
cards
Chapter 6.3
Two characteristics of a public good,
Non rivalrous definition,
Non excludable definition
6
cards
Chapter 6.4
Asymmetric information,
Adverse selection,
Government solutions to adverse s...
7
cards
Chapter 7.1
Market power,
Monopoly,
Imperfect competition
14
cards
Chapter 7.2
Revenue,
Marginal revenue,
Costs of production
15
cards
Chapter 7.3
Price taker,
What is the demand for a good for...,
For a perfectly competitive firm ...
11
cards
Chapter 7.4
Potential barriers to entry in a ...,
Examples of legal barriers,
Price maker
11
cards
Chapter 7.5
What is the demand elasticity for...,
Price competition,
Non price competition
10
cards
Chapter 7.6
Implications of interdependence f...,
Game theory,
Payoff matrix
14
cards
Chapter 7.7
Abuse of market power,
Ways governments can limit market...,
Ways governments can limit market...
3
cards
Chapter 8.2
National income accounting,
National output,
National income
20
cards
Chapter 8.3
What does nominal gdp measure and...,
Price deflator,
Equation for the calculation of r...
3
cards
Chapter 8.4
Business cycle,
Recession,
Long term growth trend
8
cards
Chapter 8.5
National income statistics,
Why are national income statistic...,
Why are m
7
cards
Chapter 9.1
Aggregate demand,
Aggregate demand curve,
Causes of changes in consumer spe...
12
cards
Chapter 9.2
Aggregate supply,
Short run aggregate supply curve,
Causes of changes in short run ag...
5
cards
Chapter 9.3
Monetarist new classical economics,
Long run aggregate supply,
Lras curve
11
cards
Chapter 9.4
Why can t the economy move into t...,
How are inflexible wages and pric...,
What are the three sections of th...
3
cards
Chapter 9.5
Factors that change aggregate sup...
1
cards
Chapter 9.6
What is the main difference betwe...,
What is the difference between mo...
2
cards
Chapter 10.1
Unemployment,
Unemployment rate formula,
Reasons why measures of unemploym...
14
cards
Chapter 10.2
Inflation,
Deflation,
Disinflation
22
cards
Chapter 11.1
Short term growth,
Long term growth,
What is short term growth mainly ...
10
cards
Chapter 11.2
Government debt,
Budget deficit,
Budget surplus
7
cards
Chapter 11.3
What are the potential conflicts ...,
How is the conflict between low u...,
How is the conflict
3
cards
Chapter 12.1
Economic inequality,
Quintile,
Lorenz curve
8
cards
Chapter 12.2
Absolute poverty,
Poverty,
Poverty line
7
cards
Chapter 12.3
Opportunity,
What are possible causes of econo...,
Globalization
3
cards
Chapter 12.4
Possible negative consequences of...
1
cards
Chapter 12.5
Corporate income taxes,
Wealth tax,
What is a form of direct taxation...
15
cards
Chapter 13.1
Demand side policies,
Supply side policies
2
cards
Chapter 13.2
Commercial banks,
Central bank,
Responsibilities that the central...
27
cards
Chapter 13.3
Sources of government revenue,
Types of government expenditure,
Current expenditure
17
cards
Chapter 13.4
Keynesian multiplier,
Marginal propensity to consume,
Marginal propensity to save
8
cards
Chapter 13.6
Goals of supply side policies,
Labor market flexibility,
Types of market based supply side...
21
cards
Chapter 14.1
Free trade,
Why do countries benefit from int...,
Specialization
4
cards
Chapter 14.2
Absolute advantage,
Theory of absolute advantage,
Comparative advantage
8
cards
Chapter 14.3
Trade protection,
Tariff,
Winners of tariffs
15
cards
Chapter 15.1
Arguments for trade protection,
Infant industry,
Diversification
8
cards
Chapter 15.2
Economic integration,
Preferential trade agreement pta,
Bilateral trade agreement
13
cards
Chapter 15.3
Monetary union
1
cards
Chapter 15.4
World trade organization,
Objectives and functions of the wto,
Criticisms of the wto
4
cards
Chapter 16.1
Foreign exchange,
How does the foreign exchange mar...,
Exchange rate
16
cards
Chapter 16.2
What is the result of currency ap...,
What is the result of currency de...,
How can currency appreciation dep...
8
cards
Chapter 16.3
Fixed exchange rate system,
Ways the government can intervene...,
Devaluation
9
cards
Chapter 16.4
Balance of payments,
Credits,
Debits
20
cards
Chapter 17.1
How do exchange rates automatical...,
How are the balance of payments m...,
Capital flight
3
cards
Chapter 17.2
Effect of fixed exchange rates on...,
Effect of floating exchange rates...,
Effect of fixed exchange rates on...
12
cards
Chapter 17.3
Advantages of monetary union,
Disadvantages of monetary union
2
cards
Chapter 17.4
Consequences of persistent curren...,
Credit rating,
Policies to correct persistent cu...
9
cards
Chapter 18.2
Economic development,
Human development,
Indicator
13
cards
Chapter 19.1
Poverty cycle
1
cards
Chapter 19.2
Infrastructure,
Barriers to infrastructure develo...,
Appropriate technology
10
cards
Chapter 19.3
Property rights,
Land rights,
Governance
4
cards
Chapter 20.1
Import substitution,
Consequences of import substituti...,
Export promotion
5
cards
Chapter 20.2
Diversification,
Benefits of diversification
2
cards
Chapter 20.5
Why do mncs expand into economica...,
2
cards
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