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

Decks in this class (49)

1.1 Understanding Economics
What is the definition of economics,
Why is economics a social science,
What is the social scientific model
17  cards
1.2 The Three Basic Economic Questions
What are the three basic economic...,
What do free market classical eco...,
What do interventionists keynesia...
11  cards
1.3 Understanding The World by Use of Models
What does ppc stand for,
What is the definition of a model,
What is the ppc
14  cards
2.1 Introduction to Competitive Markets
Definition of a market,
Definition of competitive markets,
What is the opposite of market po...
3  cards
2.1b Demand
Definition of individual demand,
What is known as effective demand,
Definition of market demand
24  cards
2.2 Supply
Definition of supply,
What is the market supply,
What is the law of supply
17  cards
2.3 Competitive Market Equilibrium + Price Mechanisms
When does market equilibrium occur,
When does market disequilibrium o...,
What does point a on this supply ...
23  cards
2.4 Critique of the maximising behaviour of consumers and producers (HL)
What are some assumptions of trad...,
Give a transitivity example,
What are some limitations of rati...
16  cards
2.4B Choice architecture
What is choice architecture,
What is restricted choice,
What is mandated choice
12  cards
2.5 Elasticities
What does ped measure,
What is ped,
What is yed
28  cards
2.6 Price Elasticity of Supply [PES]
What is price elasticity of supply,
How do you calculate price elasti...,
What is the good when pes 1
10  cards
2.7a Role of government in microeconomics [TAX + SUBSIDY]
Why do governments intervene,
How does the government earn revenue,
What are indirect taxes
20  cards
2.7b Role of government in microeconomics [PRICE FLOOR+CEILING]
What is a price ceiling and why i...,
Why does a gov want to introduce ...,
By introducing a price ceiling wh...
13  cards
2.8a Market Failure - Negative Externalities + CPRs
When does market failure occur,
What are the 3 marginal costs,
What is the marginal social cost ...
18  cards
2.8 Market Failure - Positive Externalities
Define positive externalities of ...,
Explain positive externalities of...,
Define positive externalities of ...
12  cards
2.8c Market Failure
What are the 9 types of governmen...,
What is a pigouvian tax,
What are some advantages of pigou...
17  cards
2.9 Market Failure - Public Goods
What are public goods,
What are quasi public goods,
Why does government have to provi...
3  cards
2.10 Asymmetric Information
When does asymmetric information ...,
What is a problem with asymmetric...,
What is adverse selection
8  cards
2.11a Market Power
What is market power,
What are the 4 market structures,
What is the perfect competition m...
19  cards
2.11b Perfect Competition
What is specific about perfect co...,
Why are there two digs to represe...,
Show a perfectly competitive firm...
9  cards
2.11c Imperfect Competition
The more imperfect a market is th...,
Why do we only draw 1 dig for mon...,
Up until what point will the mono...
12  cards
2.11d further game theory
What characterises a natural mono...,
Why is competition undesireable w...,
What is the concentration ratio
10  cards
2.12 The Market's Inability to Achieve Equity (HL)
0  cards
Price mechanism,
Non price determinants of demand,
Non price determinants of supply
29  cards
3.1 Measuring Economic Activity
Difference between real and nomin...,
How to calculate real gdp,
If in 2001 the nominal gdp was 80...
30  cards
3.2 Variations in Economic Activity (AD + AS)
Define aggregate demand,
What are the 4 components of ad,
What s the calculation for ad
30  cards
3.3 Macroeconomic Objectives
What is the definition of economi...,
What does the production possibil...,
Why is it highly unlikely an econ...
40  cards
3.4 Economies of Inequality and Poverty
What is the definition of economi...,
What is considered absolute poverty,
What is considered relative poverty
21  cards
How does government debt arise,
What is sustainable debt,
What are some costs of high level...
13  cards
3.5 Demand Management - Monetary Policy
What is a government budget,
What happens when taxes spending,
What happens when taxes spending
30  cards
3.5 Demand management (Demand-side policies)-- Monetary policy
What are supply side policies,
Where is the focus on supply side...,
What are the two ssp categories
7  cards
3.6 Demand Management - Fiscal Policy
What is the equation linking inco...,
What is marginal propensity to sa...,
What is the equation of marginal ...
23  cards
RWE Macro
Economic growth,
Inflation and unemployment,
Multiplier effect
10  cards
4.1 Theories of Trade
What does the theory of absolute ...,
What is the autarky,
What are some benefits from free ...
6  cards
4.2 Types of Trade Protection
What is a tariff,
How do you draw a tariff diagram,
Where is the producer surplus aft...
11  cards
4.3 Arguments for and Against Free trade
What are some arguments against f...,
What are some arguments for free ...
2  cards
4.4 Economic Integration
What are the 6 types of economic ...,
What is a preferential trade agre...,
What is a free trade agreement fta
16  cards
4.5 Exchange Rates
What is a floating exchange rate,
What is appreciation and what cau...,
What is depreciation and what cau...
17  cards
4.5b Other Exchange Rate Systems
What is a fixed exchange rate,
How is the exchange rate kept fixed,
Example of how fixed exchange rat...
15  cards
4.6 Balance of Payments
What is a balance of payment,
What does the international monet...,
What are credit entries
14  cards
4.6b Solutions To Current Account Deficit
What are the 3 main categories of...,
What are some examples of expendi...,
What are some potential problems ...
6  cards
4.6c Marshall-Lerner Condition
Why is the mlc used,
What is the equation to calculate...,
What does the mlc condition have ...
8  cards
4.7 + 4.8 Global development
What is the definition of sustain...,
What is a circular economy,
What are sdgs
6  cards
4.7 + 4.8 DRC examples
What is the drc s gdp p capita at...,
What is the drc s literarcy rate,
What is the drc s hdi
9  cards
4.9 Economic barriers DRC
Econ barrier 1 limited access to ...,
Econ barrier 2 low levels of huma...,
Econ barrier 3 informal economy
7  cards
4.10 International Trade Strategies DRC
What are some examples of interna...,
How is diversification an interna...,
How is economic integration an in...
3  cards
RWE Global
Protectionism trump tariffs,
Current account deficit asian fin...,
Current account surplus norway
9  cards
4.1b Limitations of comparative advantage
What are some limitations of comp...
1  cards
Extra RWEs
Japan monetary policy,
Gni india,
Gni drc
5  cards

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