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edexcel economics (a) a-level theme 1 – introduction to markets and market failure

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

By: Keval Savani
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Decks in this class (18)

Key Definitions
0  cards
1.1.1 Economic as a social science
Ceteris paribus
1  cards
1.1.2 Positive and normative economic statements
Positive statement,
Normative statement
2  cards
1.1.3 The economic problem
What is the basic economic problem,
Renewable,
Non renewable
4  cards
1.1.4 Production Possibility Frontier
What does the production possibil...
1  cards
1.1.5 Specialisation and the division of labour
Adam smith on specialisation and ...,
Example of division of labour,
Specialisation and the division o...
8  cards
1.1.6 Free market economies, mixed economy and command economy
Free market economy,
How are resources allocated in a ...,
Adam smith on a free market economy
15  cards
1.2.1 Rational decision making
Assumptions of rational economic ...,
Homo economicus
2  cards
1.2.2 Demand
The conditions of demand pirates,
Diminishing marginal utility
2  cards
1.2.3 Price, income and cross elasticities of demand
Ped,
Ped equation,
Unitary elastic
22  cards
1.2.4 Supply
Conditions of supply pintswc,
Joint supply
2  cards
1.2.5 Elasticity of Supply
Pes,
Pes equation
2  cards
1.2.6 Price determination
Excess demand,
Excess supply
2  cards
1.2.7 Price mechanism
The rationing function,
The signalling function,
The incentive function
3  cards
1.2.8 Consumer and producer surplus
Consumer surplus,
Producer surplus,
Where is the consumer surplus
4  cards
1.2.9 Indirect taxes and subsidies
Indirect tax,
Ad valorem,
Unit tax
6  cards
1.2.10 Alternative views of consumer behaviour
Influences of other people,
Influence of habitual behaviour,
Consumer weakness at computation
3  cards
1.3.1 Types of market failure
When do market failures occur,
Externality
2  cards

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edexcel economics (a) a-level theme 1 – introduction to markets and market failure

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