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economics - first term

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

By: Eric Heyworth
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Decks in this class (12)

Factors of production and their rewards
What is the acronym for factors o...,
What is c in the acronym,
What is e in the acronym
6  cards
Economic Agents
What are the 3 interactions,
What do consumers give to government,
What do consumers receive from go...
7  cards
division of labour and specialisation
What is specialisation,
On what scale can you specialise,
What is the division of labour
8  cards
Price elasticity of demand
What is price elasticity of demand,
What is the formula to work out ped,
How do you work out change in pri...
10  cards
demand and supply shifts and their causes
If demand shifts to the left what...,
If demand shifts to the right wha...,
What effects demand shifts
6  cards
Diseconomies of scale
When does diseconomies of scale o...,
What are the causes of economies ...,
What do diseconomies of scale sug...
4  cards
Cost, revenue + total profit calculations
What is the average fixed cost,
What is average unit cost,
What is average variable cost
5  cards
Factors impacting on price
What causes changes in price,
What do changes in price do,
What are the external factors on ...
3  cards
9 Mark answering
What are the basics to answering ...,
What is a logic chain,
What do you follow logic chains with
6  cards
15 Mark answering
What is the analogy for a 15 marker,
How do you order a logic chain,
How do you finish a 15 marker
3  cards
Complementary and Substitute Goods
What are complementary goods,
What are substitute goods,
If coca cola price decreases what...
4  cards
Misalocation of Resources
What is a misalocation of resourc...,
What is an example of a misalocation,
What are the consequences 5
4  cards

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economics - first term

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