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Economics Theme 1

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

By: Ines Pereira
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Decks in this class (12)

1.1.1 economics as a social science
Social science def 1,
Why are economic models hard to t...,
Ceteris paribus def 3
3  cards
1.1.2 positive and normative statements
Positive statement def 1,
Normative statement def 2
2  cards
1.1.3 the economic problem
What is the economic problem 1,
Opportunity cost def 2,
Renewable resource def 3
5  cards
1.1.4 production possibility frontiers
What does the ppf curve show 1,
What does a movement along the cu...,
What does a shift of the curve in...
5  cards
1.1.5 specialisation and division of labour
Specialisation def 1,
Division of labour def 2,
What did adam smith believe 3
8  cards
1.1.6 free market economics, mixed economy and command economy
Free market economy def 1,
Which economist believe in free m...,
Free market economies adv 3
10  cards
1.2.1 rational decision making
What do consumers aim to maximise 1,
What do firms aim to maximise 2,
What do governments aim to maximi...
3  cards
1.2.2 demand
Demand def 1,
Quantity demanded def 2,
What causes a movement along the ...
7  cards
1.2.3 price, income and cross elasticities of demand
What does yed show 1,
Yed formula 2,
What does a negative value show 3
16  cards
1.3.1 types of market failure
Definition of market failure 1,
What are the 3 types of market fa...,
Why do information gaps cause mar...
7  cards
1.3.2 externalities
Definition of an externality 1,
Definition of a positive external...,
Definition of a negative external...
5  cards
1.3.3 public goods
Two criteria for a public good 1,
Definition of a pure public good 2,
Definition of a quasi public good 3
5  cards

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Economics Theme 1

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