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Gracie Haynes
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Decks in this class (31)
1.1 the economic problem
What are the 3 economic agents 1,
What are the 4 factors of product...,
What s a positive statement 3
12
cards
1.2 the allocation of resources
The rationing function 1,
The incentive function 2,
The signalling function 3
16
cards
1.3 opportunity costs
What is opportunity cost 1,
What causes the ppc to shift 2,
What is meant by a trade off 3
8
cards
2.1 specification and trade
When does specialisation occur 1,
What s the division of labour 2,
Whats a barter system 3
20
cards
2.2 demand
What is market demand 1,
Demand definition 2,
Whats the demand curve 3
15
cards
2.3 supply
Define supply 1,
Describe the supply curve 2,
What will a shift left mean for s...
12
cards
2.4 consumer and producer surplus
What s consumer surplus 1,
What is producer surplus 2,
Where is consumer surplus shown o...
12
cards
2.5 interaction of markets
What is equilibrium 1,
Whats a demand curve 2,
Whats a supply curve 3
19
cards
2.6 price elasticity of demand
What are the 4 basic types of ela...,
What is price elasticity of demand 2,
How to calculate ped 3
11
cards
2.6 income elasticy of demand
What is yed 1,
Whats a normal good 2,
Whats an inferior good 3
7
cards
2.6 cross elasticity of demand
What is xed 1,
How to calculate xed 2,
What can xed also be seen as 3
7
cards
2.6 price elasticity of supply
What is pes 1,
If pes is elastic what can happen...,
If pes is inelastic what will hap...
7
cards
2.6 importance of elasticity
What is incidence of tax 1,
Importance of elasticity 2,
What happens if its a relatively ...
4
cards
2.7 concept of the margin
Whats the utility theory 1,
What is the unit of measurement f...,
What is total utility 3
13
cards
2.8 market failure
What is market failure 1,
When does market failure exist 2,
What is complete market failure 3
5
cards
2.8 negative externalities
Mpc stands for 1,
Mec stands for 2,
Msc stands for 3
17
cards
2.8 positive externalities
Whats a positive externality 1,
What does positive externalities ...,
Whats the result of the positive ...
6
cards
2.9 information failure
What is information failure 1,
What can information failure resu...,
Where does information failure oc...
11
cards
2.10 public goods
What is a public good 1,
What are public goods also known ...,
Whats a quasi public good 3
11
cards
2.11 Government failure
When does government failure happ...,
Why might policies be damaging 2,
What are the root causes of gover...
17
cards
2.11 Government Intervention (TAXES)
What is government intervention 1,
Reasons why governments intervene...,
What is indirect tax 3
9
cards
2.11 Government Intervention (SUBSIDIES)
Whats a subsidy 1,
Give some examples of subsidies 2,
What will happen to supply when a...
5
cards
2.11 Government Intervention (MIN AND MAX PRICE)
What do the government adjust 1,
What is minimum price also known ...,
Define minimum prices 3
16
cards
2.11 Government Intervention (INFORMATION PROVISION)
Define provision of information 1,
When will the government provide ...,
What areas do the government prov...
11
cards
2.11 Government Intervention (LEGISLATION AND REGULATION)
What is legislation 1,
What is regulation 2,
Define regulation 3
7
cards
2.11 Government Intervention (COMPETITION POLICY)
When is competition policy used 1,
What does it lead too 2,
What is competition policy 3
5
cards
2.11 Government Intervention (PUBLIC PRIVATE PARTNERSHIPS PPP)
What are public private partnersh...,
Where does the private finance in...,
Give an example of a public priva...
8
cards
2.11 Government Intervention (TRADABLE POLLUTION PERMITS))
What are tradable pollution permi...,
When do the government get the re...,
What is the purpose of tradable p...
26
cards
2.11 Government Intervention (GOVT EXPENDITURE AND STATE PROVISION)
What is state provision 1,
Draw a graph to represent state p...,
What types of goods are often pro...
23
cards
2.11 Government Intervention (BUFFER STOCK SYSTEMS)
What is a buffer stock system 1,
What goods are buffer stock syste...,
What is the main aim of a buffer ...
19
cards
2.11 The law of unintended consequences
What is the law of unintended con...,
Why do unintended consequences ha...,
Give an example of an unintended ...
10
cards
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MICRO ECONOMICS Y12
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