economics: theme 1

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

Decks in this class (12)

key terms
What is a positive statement 1,
What is a normative statement 2,
What is the opportunity cost 3
11  cards
PPF - production possibility frontier
Benefits of the ppf 1,
What does ppf show 2,
What do the points on the curve s...
9  cards
specialisation and division of labour
What is the specialisation and di...,
Benefits of specialisation of lab...,
Disadvantages of specialisation o...
3  cards
demand
What is demand 1,
What is the theory of utility 2,
How does this lead to conflicts b...
8  cards
price elasticity of demand
What is the price elasticity of d...,
How to calculate ped 2,
What are elastic goods 3
16  cards
cross elasticity of demand
What does xed show 1,
What is cross elasticity of deman...,
What is a substitute good 2
9  cards
income elasticity of demand
What is income elasticity of dema...,
How to calculate yed 2,
What is a normal good 3
8  cards
supply and elasticity of supply
What is supply 1,
What are the 4 types of firms 2,
What do we assume firms do 3
24  cards
market equilibrium
What is market equilibrium 1,
What happens when a firm sets the...,
What happens when a firm sets a p...
8  cards
types of markets
Agriculture farming how are deman...,
Commodities what are the two type...,
Housing 3
7  cards
taxes and subsidies
Direct tax examples 1,
Indirect tax examples 2,
Ad valorem tax examples 3
8  cards
market failure
What is market failure 1,
What is partial market failure 2,
What is complete market failure 3
9  cards

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economics: theme 1

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