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Verity Russell
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Decks in this class (90)
Th1: Definitions 1
Ad valorem tax,
Asymmetric information,
Capital
16
cards
Th1: Definitions 2
Equilibrium price quantity,
Excess demand,
Excess supply
19
cards
Th1: Definitions 3
Market forces,
Maximum price,
Minimum price
18
cards
Th1: Definitions 4
Price elasticity of supply pes,
Price mechanism,
Private cost benefit
17
cards
Th1: Definitions 5
State provision of goods,
Subsidy,
Substitutes
9
cards
Th3: Definitions 1
Allocative efficiency,
Asymmetric information,
Average cost average total cost a...
18
cards
Th3: Definitions 2
Diseconomies of scale,
Divorce of ownership from control,
Dynamic efficiency
18
cards
Th3: Definitions 3
Minimum efficient scale,
Minimum wage,
Monopolistic competition
16
cards
Th3: Definitions 4
Perfectly contestable market,
Predatory pricing,
Price leadership
18
cards
Th3: Definitions 5
Third degree price discrimination,
Total cost,
Total revenue
6
cards
Th1.1: The Economic Problem
How is scarcity a relative concept,
How do economies try to solve the...,
What is the opportunity cost not ...
4
cards
Th1.1: Production Possibility Frontiers
What does a ppf show,
What does any point on a ppf curv...,
How might economic growth have oc...
15
cards
Th1.1: Specialisation
What is specialisation,
What does division of labour mean,
Who stated the concept of special...
4
cards
Th1.1: Specialisation and DOL in Organising Production
What will the degree to which spe...,
Advantage 1,
Advantage 2
10
cards
Th1.1: Specialisation in Production of Goods and Services to Trade
If countries specialise what is e...,
Advantage 1 of trade,
What does the theory of comparati...
8
cards
Th1.1: Functions of Money
First key function of money,
Second key function of money,
Third key function of money
5
cards
Th1.1: Free Market Economies
What happens in a free market eco...,
How are resources allocated,
What do consumers make decisions ...
19
cards
Th1.1: Command Economies
What happens in a command economy,
Everyone is assumed to be selfles...,
How is resource allocation carrie...
17
cards
Th1.1: Mixed Economies
What is a mixed economy,
What is the government s first ro...,
What is the government s second r...
5
cards
Th1.2: Rational Decision Making
What do consumers aim to maximise,
What is utility,
What do firms aim to maximise
5
cards
Th1.2: Movements and Shifts of D curve
What is a movement along the dema...,
What is a shift of the demand cur...,
What is a contraction in demand
6
cards
Th1.2: The Conditions of Demand
What is a way to remember the con...,
What does p stand for,
What does i stand for
9
cards
Th1.2: Diminishing Marginal Utility
What does the demand curve slopin...,
In order to predict how people wi...,
What does total utility represent
6
cards
Th1.2: Price, Income and XED
Ped definition,
Ped formula,
What is the ped value when ped is...
17
cards
Th1.2: Factors influencing PED
What is the word to remember the ...,
What does n stand for,
What does a stand for
14
cards
Th1.2: Significance of PED
What does ped and pes determine,
The more elastic the demand curve,
When demand is inelastic the tax ...
17
cards
Th1.2: PED and Revenue
For an elastic demand curve,
For an inelastic demand curve,
For a unitary elastic demand curve
3
cards
Th1.2: Income Elasticity of Demand (YED)
Define yed,
Formula for yed,
What good is it when yed 0
11
cards
Th1.2: Cross Elasticity of Demand (XED)
Define xed,
Xed formula,
What is it when xed 0
9
cards
Th1.2: Movements and Shifts of S Curve
What is a movement along the supp...,
What is a shift of the supply cur...,
Refer to pplook at graph 9 what d...
6
cards
Th1.2: Conditions of Supply
What is the first condition of su...,
What is the second condition of s...,
What is the third condition of su...
9
cards
Th1.2: Supply Curve
What will firms do if prices are ...,
What will higher prices encourage,
How would one increase production
4
cards
Th1.2: PES
Pes definition,
Pes formula,
What pes is it when pes 1
18
cards
UNFINISHED Th1.2: Factors affecting PES
What are the 7 factors that influ...
1
cards
Th1.2: Price Determination
What does the equilibrium point r...,
What is price equilbrium,
What is price equilibrium also kn...
4
cards
Th1.2: Excess Demand
When is there excess demand,
Refer to pplook at graph 2 why is...,
If firms increase there price wha...
4
cards
Th1.2: Excess Supply
When is there excess supply,
Refer to pplook at graph 12 why i...,
If firms have unsold goods as see...
3
cards
Th1.2: Price Mechanism
What does the price mechanism do ...,
What is price determined by,
When do prices rise
4
cards
Th1.2: The Rationing Function
How is the price system a way of ...,
What can be done with the limited...
2
cards
Th1.2: The Signalling Function
What acts as a signal and where,
What happens when prices rise,
What does the change in price sig...
4
cards
Th1.2: The Incentive Function
The price mechanism acts as an,
If buyers have more money,
If suppliers produce more of thei...
5
cards
Th1.2: Price Mechanism in Local Markets
How has the rationing function be...
1
cards
Th1.2: Price Mechanism in National Markets
Why will house prices in london r...,
What does a rise in house prices ...
2
cards
Th1.2: Price Mechanism in Global Markets
What is a global example of a rat...,
How did the opec s announcement r...
2
cards
Th1.2: Consumers and Producer Surplus
Define consumer surplus,
Refer to pplook at graph 14 which...,
Define producer surplus
14
cards
Th1.2: Shifts of Demand and Supply
What will a decrease in demand do...,
What will an increase in demand d...,
What will a decrease in supply do...
6
cards
Th1.2: Indirect Taxes
What is an indirect tax,
What are the two types of tax,
What is ad valorem tax
7
cards
Th1.2: Impacts of a Tax
Refer to pplook at graph 15 why d...,
Refer to pplook at graph 15 why d...,
Refer to pplook at graph 15 the c...
9
cards
Th1.2: The Incidence of Tax
What is the incidence of tax,
When does the supplier pay all th...,
When will all the tax be passed o...
6
cards
Th1.2: Subsidies
What is a subsidy,
They could be given to necessitie...,
Refer to pplook at graph 17 why d...
4
cards
Th1.2: Influences of Other People
What does rationality assume,
Why might someone buy something t...,
When does herding behaviour occur
4
cards
Th1.2: Influences of Habitual Behaviour
What do habits do,
How do habits create a decision t...,
What area does habitual behaviour...
4
cards
Th1.2: Consumer Weakness at Computation
How does a lack computation affec...,
How can consumers make irrational...,
What else affects rationality poor
3
cards
Th1.3: Externalities
What is an externality,
What do externalities lead to,
Name something with a negative ex...
6
cards
Th1.3: Under-provision of Public Goods
What are the qualities of public ...,
Why are public goods under provided,
Name a public good
3
cards
Th1.3: Information Gaps
What do consumers producers and t...,
What is an example of an informat...
2
cards
Th1.3: Private, External and Social Costs and Benefits
Define private costs benefits,
Pc b what does the demand curve r...,
Pc b what does the supply curve r...
13
cards
Th1.3: Negative Production Externalities
When do negative externalities of...,
It will produce where mpb,
Refer to pplook at graph 18 descr...
7
cards
Th1.3: Positive Consumption Externalities
When do positive externalities of...,
Refer to pplook at graph 19 when ...,
Refer to pplook at graph 19 where...
7
cards
Th1.3: Government Intervention
What are the 5 ways the governmen...,
Indirect taxes and subsidies,
Tradable pollution permits
6
cards
Th1.3: Public Goods
What are the two key characterist...,
What does non rivalry mean,
What does non excludable mean
4
cards
Th1.3: Free Rider Problem
What defines someone who is a fre...,
What is the free rider problem,
Why will private sector producers...
4
cards
Th1.3: Information Gaps 2
Where does symmetric information ...,
Why are many economic agents unab...,
What is asymmetric information
11
cards
Th1.4: Indirect Taxation
What can the government do when a...,
What will an introduction of indi...,
Refer to pplook at graph 20 where...
6
cards
Th1.4: Advantages of Indirect Taxation
What are the two advantages,
It internalises the exteranlity,
It raises government revenue
3
cards
Th1.4: Disadvantages of Indirect Taxation
How many disadvantages are there,
It is difficult to know the size ...,
There could be conflict which
8
cards
Th1.4: Subsidies 2
What can the government do in ord...,
What can subsidies also be introd...,
Refer to pplook at graph 21 where...
5
cards
Th1.4: Advantages of Subsidies
What are the two advantages of su...,
Welfare is maximised,
Other positive impacts
3
cards
Th1.4: Disadvantages of Subsidies
How many disadvantages are there,
High opportunity cost,
Difficult to target
6
cards
Th1.4: Maximum and Minimum Prices
For a maximum price to have an ef...,
For a minimum price to have an ef...
2
cards
Th1.4: Maximum Prices
What is a maximum price,
What are maximum prices set on,
Why are they set on food
6
cards
Th1.4: Minimum Prices
What is a minimum price,
What are minimum prices set on,
What do minimum prices encourage ...
5
cards
Th1.4: Advantages of Max and Min Prices
They can be set where msc msc,
A minimum price will ensure goods...,
A maximum price will ensure
4
cards
Th1.4: Disadvantages of Max and Min Prices
What are the three disadvantages,
Distortion of price signals causing,
Why is it difficult for the gover...
5
cards
Th1.4: Buffer Stock Scheme
What is a buffer stock scheme,
What kind of products are buffer ...,
What will the government do when ...
7
cards
Th1.4: Tradable Pollution Permits
What does a pollution permit allo...,
Who controls how many permits the...,
Why would companies resort to usi...
6
cards
Th1.4: Advantages of Tradable Pollution Permits
What are the four advantages,
Guaranteed pollution will fall,
Raise revenue
5
cards
Th1.4: Disadvantages of Tradable Pollution Permits
What are the three disadvantages ...,
Expensive to monitor and police,
Raise costs
4
cards
Th1.4: Advantages of State Provision of Public Goods
What are the four advantages of s...,
Corrects market failure,
Equality
5
cards
Th1.4: Disadvantages of State Provision of Public Goods
What are the four disadvantages o...,
Expensive and opportunity cost,
Wrong combination of goods
6
cards
Th1.4: Advantages of Provision of Information
What are the two advantages of pr...,
Rationally,
Alongside other policies
4
cards
Th1.4: Disadvantages of Provision of Information
Define provision of information,
What are the three disadvantages ...,
Expensive
6
cards
Th1.4: Regulation
Why are governments able to impos...,
Why would the government introduc...
2
cards
Th1.4: Advantages of Regulation
What is the advantage of regulation,
What is the advantage of regulation
2
cards
Th1.4: Disadvantages of Regulation
What are the five disadvantages o...,
Expensive,
Less efficient
8
cards
Th1.4: Government Failure
Define government failure,
What is the relationship between ...,
What are the four causes of gover...
3
cards
Th1.4: Gov Failure: Distortion of Price Signals
What happens as a result of some ...,
What is the result of subsidies k...,
What do max and min prices lead to
4
cards
Th1.4: Gov Failure: Unintended Consequences
How do unintended consequences co...,
What is an example of an unintend...
2
cards
Th1.4: Gov Failure: Excess Administration Costs
What happens to a lot of the mone...,
What is an example of this in the uk,
What has excessive administration...
3
cards
Th1.4: Gov Failure: Information Gaps
Any decision the government must ...,
What does the government do consi...,
It is usually for the government ...
3
cards
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