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Decks in this class (22)
1.1.1 Economics as a social science
What are models used for and what...,
What are assumptions,
Explain what ceteris paribus is
4
cards
1.1.2 Positive and Normative Economic Statements
Explain positive economic statements,
Explain normative economic statem...,
Explain the importance of the dis...
8
cards
1.1.3 The Economic Problem
What is the basic economic problem,
What must society decide,
What are examples of questions co...
19
cards
1.1.4 Production Possibility Frontiers
What do we use ppfs for,
What do macroeconomic and microec...,
Why do we draw ppfs as concave to...
15
cards
1.1.5 Specialisation and the Division of Labour
What is specialisation,
List ways in which specialisation...,
What is division of labour
12
cards
1.1.6 Free market economies, mixed economy and command economy
What is an economic system,
What are the 4 economic systems,
Explain what a free market econom...
18
cards
1.2.1 Rational Decision Making
What is the aim of rational consu...,
What does the rational choice mod...,
What is utility
6
cards
1.2.2 Demand
What is demand,
What is derived demand,
What is the law of demand
14
cards
1.2.3 Price, income and cross elasticities of demand
What is ped,
Explain how to interpret the coef...,
Explain the factors affecting ped
22
cards
1.2.4 Supply
What is supply,
What is the law of supply,
What does the supply curve show
13
cards
1.2.5 Elasticity of supply
What is pes,
What happens when supply is price...,
What is the formula for pes
8
cards
1.2.6 Price determination
What does equilibrium and equilib...,
Show the equilibrium price on a s...,
Show an inward shift in market su...
7
cards
1.2.7 Price mechanism
How did adam smith describe the i...,
What is the price mechanism,
What are the three functions of t...
10
cards
1.2.8 Consumer and producer surplus
Explain the relationship between ...,
Explain consumer surplus,
Show what consumer surplus look l...
8
cards
1.2.9 Indirect taxes and subsidies
What is an indirect tax,
What are examples of indirect tax,
How does indirect tax affect the ...
17
cards
1.2.10 Alternative views of consumer behaviour
What are the key assumptions behi...,
How do economic agents act in rea...,
What are examples of social norms
8
cards
1.3.1 Types of market failure
Explain why market failure exists,
When does complete market failure...,
When does partial market failure ...
5
cards
1.3.2 Externalities
What are externalities,
How can externalities cause marke...,
What are private costs
24
cards
1.3.3 Public Goods
What are public goods,
Examples of public goods,
How are private goods excludable
16
cards
1.3.4 Information Gaps
What is information failure,
How are information gaps caused,
What must there be for markets to...
8
cards
1.4.1 Government Intervention in Markets
Explain what laissez faire econom...,
Explain government intervention,
Explain the consequences of these...
49
cards
1.4.2 Government failure
Explain what government failure is,
What are examples of government f...,
Briefly explain the problems of e...
8
cards
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theme 1: introduction to markets and market failure
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