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economics igcse edexcel

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

By: Blythe Chan
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Decks in this class (23)

1.1.1 the economic problem
Scarcity,
The basic economic problem,
Needs
16  cards
1.1.2 economic assumptions
Rational decision making,
Irrational decision making,
Consumers aim to
6  cards
1.1.3 demand
Demand,
E,
Law of demand
7  cards
1.1.3 supply
Supply,
Effective supply,
Law of supply
5  cards
1.1.3 market equilibrium
Market clearing price,
Equilibrium price,
Equilibrium quantity
6  cards
1.1.4 PED
Price elasticity of demand,
Ped equation,
Price elastic elastic demand ped 1
8  cards
1.1.4 PES
Price elasticity of supply,
Pes equation,
Price elastic elastic supply
8  cards
1.1.4 YED
Income elasticity of demand,
Yed equation,
Necessities 1
8  cards
1.1.5 mixed economy
Mixed economy,
Private sector,
Public sector
21  cards
1.1.5 privatisation
Privatisation,
Effects of privatisation on consu...,
Effects of privatisation on workers
5  cards
1.1.6 externalities
Externalities,
Private costs,
Examples of private costs
13  cards
1.2.1 production
Factors of production,
Capital,
Enterprise
11  cards
1.2.2 productivity
Productivity,
Factors affecting productivity in...,
Factors affecting productivity of...
4  cards
1.2.2 division of labour
Division of labour,
Specialisation,
Advantages of division of labour ...
6  cards
1.2.3 business costs, revenues and profit
Total revenue,
Total revenue equation,
Costs
11  cards
1.2.3 economies of scale
Economies of scale,
Internal economies of scale,
Purchasing bulk buying
14  cards
1.2.3 diseconomies of scale
Diseconomies of scale,
Dos bureaucracy,
Dos communication problems
5  cards
1.2.4 competition
Competition,
Advantages of competition to cons...,
Disadvantages of competition to c...
11  cards
1.2.4 monopolies
Monopoly,
Main features of a monopoly,
Advantages of a monopoly
4  cards
1.2.4 oligopolies
Oligopoly,
Main features of an oligopoly,
Advantages of an oligopoly
8  cards
1.2.5 the labour market
Wage rate,
Derived demand,
Demand for labour
14  cards
1.2.6 government intervention
Government intervention,
The need for government intervention,
Taxation
26  cards
2.1.1 economic growth
Economic growth,
How is economic growth measured,
Gdp
12  cards

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economics igcse edexcel

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