This class was created by Brainscape user Charlie Lattimore. Visit their profile to learn more about the creator.
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Decks in this class (26)
Theme 1.1 - Nature of Economics
Why is economics regarded as a so...,
Why do economists develop theorie...,
Describe the process of building ...
10
cards
Theme 1.1 - Production Possibility Frontiers
Define opportunity cost 1,
What can you determine from a pro...,
What is increasing opportunity co...
11
cards
Theme 1.1 - Labour Productivity
What does production involve 1,
What is productivity 2,
How is productivity measured 3
12
cards
Theme 1.1 - Types of Economy
What are the 4 approaches to mana...,
What does the free market believe 2,
What are the advantages of the fr...
12
cards
Theme 1.1 - Economic Thinkers
Name the 3 significant economic t...,
What did adam smith produce 2,
What did smith believe in 3
16
cards
Theme 1.1 - Division of Labour + Specialisation
What is specialisation 1,
Where can specialisation occur 2,
What is the division of labour 3
9
cards
Theme 1.1 - Function of money
What are the 4 functions of money 1,
In what ways is money a method of...,
In what ways is money a store of ...
4
cards
Theme 1.2 - Demand
Define demand 1,
What are the 3 types of demand 2,
What is effective demand 3
15
cards
Theme 1.2 - Supply
Define supply 1,
How does price affect supply 2,
How do you infer increasing suppl...
11
cards
Theme 1.2 - Supply + Demand
What is altered by shifts in the ...,
Define equilibrium in context of ...
2
cards
Theme 1.2 - Excess Supply + Demand
Define excess supply 1,
Why does excess supply generally ...,
How does the market behave when e...
9
cards
Theme 1.2 - Producer + Consumer Surplus
What is consumer surplus 1,
What is producer surplus 2,
Why is large consumer surplus sou...
3
cards
Theme 1.2 - Function of Price
What are the 3 functions of price 1,
How does price act as an incentive 2,
How does price act as a ration 3
5
cards
Theme 1.2 - Rational Behaviour
What does rational behaviour assu...,
What does rational behaviour assu...
2
cards
Theme 1.2 - Price Elasticity of Demand
What does ped measure 1,
What is the ped equation 2,
What elasticity do the following ...
14
cards
Theme 1.2 - Income Elasticity of Demand
What does yed measure 1,
What is the yed equation 2,
What type of elasticity do values...
12
cards
Theme 1.2 - Cross Price Elasticity Of Demand
What is the xed formula 1,
What does xed measure 2,
What are the 3 types of good in x...
10
cards
Theme 1.2 - Price Elasticity Of Supply
What is the pes formula 1,
What does pes show 2,
Why will a pes value always be po...
7
cards
Theme 1.3 - Information Failure
What is information failure 1,
Why is information failure an exa...,
How can information failure be co...
6
cards
Theme 1.3 - Public + Private Goods
What are the 3 criteria for a pub...,
What does the non excludable aspe...,
What does the non rival aspect en...
8
cards
Theme 1.3 - Externalities
What is an externality 1,
Why do externalities cause market...,
When does a negative externality ...
11
cards
Theme 1.3 - Market Failure
What are the 3 types of market fa...,
How are externalities an example ...,
How are positive externalities an...
4
cards
Theme 1.4 - Taxation
What are the 2 main groups of tax...,
What does direct tax consist of 2,
What does indirect tax consist of 3
11
cards
Theme 1.4 - Subsidy
What is a subsidy 1,
Why are subsidies usually allocat...,
What are the benefits of subsidis...
5
cards
Theme 1.4 - Max + Min Price
What is a maximum price 1,
What is the purpose of a maximum ...,
What are the benefits of a maximu...
9
cards
Theme 1.4 - Government Intervention
Why does govt intervention occur ...,
What is govt failure 2,
What are the primary forms of gov...
4
cards
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Micro 12
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