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Zac Leach
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Decks in this class (16)
4.1.1.2 Nature and Purpose of Economic Activity
Economic problem definition 1,
Central purpose of economic activ...,
Three key economic decisions 3
11
cards
4.1.1.3 Economic Resources
Factors of production earn reward...,
Four factors of production 2,
Labour as a factor of production 3
7
cards
4.1.1.5 Production Possibility Diagrams
What do all of the points on the ...,
Ppcs illustrate 2,
Consumption goods definition 3
12
cards
4.1.3.1 Determinants of Demand
What relationship does a demand c...,
Demand definition 2,
Determinants of demand 3
13
cards
4.1.3.3 Determinants of Supply
What relationship does the supply...,
Definition of supply 2,
Determinants of supply 3
10
cards
4.1.3.2 Elasticity of Demand
Price elasticity of demand defini...,
Ped coefficients 2,
Can perfectly elastic or inelasti...
11
cards
4.1.3.4 Price Elasticity of Supply
Price elasticity of supply defini...,
Pes coefficients 2,
Determinants of elasticity of sup...
3
cards
4.1.3.5 Determination of Equilibrium Market Prices
Market equilibrium definition 1,
Market clearing price definition 2,
How excess supply occurs 3
5
cards
4.1.3.6 Interrelationship Between Markets
Competitive market definition 1,
Complementary products definition 2,
Substitute products definition 3
8
cards
4.1.3.6 Market Forces
What does incentive functions aff...,
What does rationing functions aff...,
What do signalling functions affe...
6
cards
4.1.8.1 Allocation of Resources
Advantages of the price mechanism 1,
Disadvantages of price mechanism 2,
Undesirability of introducing the...
3
cards
4.1.8.3 Public Goods
Public good definition 1,
Free rider problem 2,
Public good examples 3
4
cards
4.1.8.4 Positive and Negative Externalities
Externality definition 1,
Positive externality 2,
Negative externality 3
15
cards
4.1.1.4 Scarcity, Choice and Resources
What is the fundamental economic ...,
Opportunity cost definition 2
2
cards
4.1.8.4 Merit and Demerit Goods
Definition of a merit good 1,
Definition of a demerit good 2,
Example of a merit good 3
4
cards
4.1.8.9 Government Intervention
The reasons for government interv...,
How governments influence the all...,
Taxation definition 3
34
cards
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Economics Micro
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