Economics Unit 1 Flashcards

Decks in this Class (6):

• Introductory Concepts

  Introductory Concepts

  Sample Cards:

  what is ceteris peribus,

  what is a normative statement,

  what is a positive statement
  20 Cards
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• Consumer Behavour And Demand

  Consumer Behavour And Demand

  Sample Cards:

  what is rational decision making,

  define demand,

  what factor causes the movement along...
  18 Cards
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• Supply

  Supply

  Sample Cards:

  define supply,

  name 2 reasons why the supply curve m...,

  define price elasticity of supply pod
  6 Cards
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• Price Determination

  Price Determination

  Sample Cards:

  define what the price mechanism is,

  what are the three functions function...,

  what is the rationing function of the...
  15 Cards
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• Market Failure

  Market Failure

  Sample Cards:

  define what an externality is,

  what are the two types of externalities,

  what is complete market failure
  13 Cards
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• Gvmt Intervation To Markets And Governmen

  GVMT Intervation To Markets and Government Failure

  Sample Cards:

  define minimum pricing,

  define maximum pricing,

  name 2 benefits of minimum pricing
  14 Cards
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