Economics Flashcards
1.1.1 Economics as a social science1 deck14 cards
1.1.2 The problem of choice1 deck23 cards
1.1.3 The production possibilities curve model (PPC)1 deck18 cards
1.1.4 Modelling the economy1 deck17 cards
1.2.1 Economic methodology1 deck14 cards
1.2.2 Economic thought1 deck26 cards
2.1.1 The law of demand1 deck16 cards
2.1.2 Demand curve 1 deck14 cards
2.1.3 Consumer and market demand1 deck7 cards
2.1.4 Non-price determinants of demand1 deck22 cards
2.1.5 Movements and shifts of the demand curve1 deck12 cards
2.2.1 The law of supply1 deck20 cards
2.2.2 The Supply Curve1 deck14 cards
2.2.3 Individual producer’s supply and market supply1 deck15 cards
2.2.4 Non-price Determinants of Supply1 deck20 cards
2.2.5 Movements along and shifts of the supply curve 1 deck15 cards
2.3.1 Demand and supply curves forming a market equilibrium 1 deck16 cards
2.3.2 Shifting demand and supply curves to produce a new market equilibrium1 deck19 cards
2.3.3 Functions of the price mechanism1 deck21 cards
2.3.4 Consumer and producer surplus1 deck16 cards
2.3.5 Social/community surplus1 deck11 cards
2.3.6 Allocative efficiency at the competitive market equilibrium1 deck15 cards
2.4.1 Rational consumer choice (HL only)1 deck21 cards
2.4.2 Behavioural economics in action (HL only)1 deck19 cards
2.4.3 Business objectives (HL only)1 deck21 cards
2.5.1 Concept of elasticity1 deck15 cards
2.5.2 Price elasticity of demand (PED)1 deck22 cards
2.5.3 Importance of PED for firms and government decision making1 deck18 cards
2.5.4 Why PED for primary commodities is generally lower than manufactured products (HL only)1 deck18 cards
2.5.5 Income elasticity of demand (YED)1 deck18 cards
2.5.6 Importance of YED (HL only)1 deck22 cards
2.6.1 Price elasticity of supply (PES)1 deck17 cards
2.6.2 Why PES for primary commodities is lower than for manufactured products (HL only)1 deck19 cards
2.7.1 Reasons for government intervention in markets1 deck21 cards
2.7.2 Main forms of government intervention in markets1 deck33 cards
2.8.1 Marginal social benefit (MSB) equals marginal social cost (MSC).1 deck19 cards
2.8.2 Government intervention in response to externalities and common pool resources1 deck21 cards
2.8.3 Strengths and limitations of government policies to correct externalities 1 deck58 cards
2.8.4 Importance of international cooperation1 deck19 cards
2.9.1 Public goods1 deck14 cards
2.9.2 Government intervention in response to public goods1 deck17 cards
2.10.1 Asymmetric information 1 deck15 cards
2.10.2 Responses to asymmetric information1 deck20 cards
2.11.1 Perfect competition1 deck19 cards
2.11.2 Monopoly - single or dominant firm, high barriers to entry, no close substitutes1 deck16 cards
2.11.3 Imperfect competition1 deck20 cards
2.11.4 Rational producer behaviour1 deck20 cards
2.11.5 Degrees of market power1 deck18 cards
2.11.6 Monopoly1 deck20 cards
2.11.7 Oligopoly 1 deck20 cards
2.11.8 Monopolistic competition1 deck20 cards
2.11.9 Advantages of large firms having significant market power1 deck19 cards
2.11.10 Risks in markets dominated by one or a few very large firms1 deck18 cards
2.11.11 Government intervention in response to abuse of significant market power1 deck21 cards
2.12.1 The market’s inability to achieve equity 1 deck21 cards
3.1.1 National income accounting as a measure of economic activity1 deck18 cards
3.1.2 Income, output and expenditure approaches to national income accounting1 deck17 cards
3.1.3 Nominal GDP as a measure of national output1 deck19 cards
3.1.4 Nominal GNI as a measure of national output1 deck6 cards
3.1.5 Real GDP and GNI 1 deck14 cards
3.1.6 Real GDP/GNI per person (per capita)1 deck15 cards
3.1.7 Business cycle1 deck20 cards
3.1.8 Appropriateness of using GDP or GNI statistics1 deck17 cards
3.1.9 Alternative measures of well-being1 deck19 cards
3.2.1 Aggregate demand (AD)1 deck18 cards
3.2.2 Components of AD (consumption)1 deck16 cards
3.2.3 Determinants of AD components1 deck19 cards
3.2.4 Shifts of the AD curve caused by changes in determinants1 deck18 cards
3.2.5 Short-run aggregate supply (SRAS) curve1 deck17 cards
3.2.6 Shifts of the SRAS curve1 deck19 cards
3.2.7 Alternative views of aggregate supply (AS)1 deck18 cards
3.2.8 Shifts of the AS curve over the long-run1 deck18 cards
3.2.9 Macroeconomic equilibrium1 deck21 cards
3.2.10 Assumptions and implications of the monetarist/new classical and Keynesian models1 deck26 cards
3.3.1 Economic growth1 deck19 cards
3.3.2 Consequences of economic growth1 deck17 cards
3.3.3 Low unemployment1 deck18 cards
3.3.4 Low and stable rate of inflation1 deck20 cards
3.3.5 Relative costs of unemployment versus inflation1 deck17 cards
3.3.6 Sustainable level of government (national) debt (HL only)1 deck17 cards
3.3.8 Potential conflict between macroeconomic objectives1 deck19 cards
3.3.9 High economic growth1 deck20 cards
3.4.1 Relationship between equality and equity1 deck22 cards
3.4.2 The meaning of economic inequality1 deck17 cards
3.4.3 Measuring economic inequality1 deck17 cards
3.4.4 Meaning of poverty1 deck16 cards
3.4.5 Measuring poverty1 deck18 cards
3.4.6 Difficulties in measuring poverty1 deck10 cards
3.4.7 Causes of economic inequality and poverty1 deck20 cards
3.4.8 Impact of income and wealth inequality1 deck18 cards
3.4.9 Role of taxation in reducing poverty, income and wealth inequalities1 deck21 cards
3.4.10 Further policies to reduce poverty, income and wealth inequality1 deck23 cards
3.5.1 Monetary policy1 deck18 cards
3.5.2 Goals of monetary policy1 deck17 cards
3.5.3 The process of money creation by commercial banks (HL only)1 deck21 cards
3.5.4 Tools of monetary policy (HL only)1 deck17 cards
3.5.5 Demand and supply of money (HL only)1 deck17 cards
3.5.6 Real versus nominal interest rates1 deck18 cards
3.5.7 Expansionary and contractionary monetary policies to close deflationary/recessionary and inflationary gaps1 deck20 cards
3.5.8 Effectiveness of monetary policy1 deck20 cards
3.6.1 Fiscal policy1 deck21 cards
3.6.2 Goals of fiscal policy1 deck18 cards
3.6.3 Expansionary and contractionary fiscal policies in order to close deflationary/recessionary and inflationary gaps1 deck16 cards
3.6.4 Keynesian multiplier (HL only)1 deck18 cards
3.6.5 Effectiveness of fiscal policy1 deck16 cards
3.6.6 Strengths of fiscal policy1 deck21 cards
3.7.1 Goals of supply-side policies1 deck16 cards
3.7.2 Market-based policies1 deck17 cards
3.7.3 Interventionist policies1 deck17 cards
3.7.4 Demand-side effects of supply-side policies1 deck19 cards
3.7.5 Supply-side effects of fiscal policies1 deck19 cards
3.7.6 Effectiveness of supply-side policies1 deck16 cards
4.1.1 Benefits of International Trade1 deck16 cards
4.1.2 Absolute and Comparative Advantage (HL)1 deck21 cards
4.1.3 Limitations of the Theory of Comparative Advantage (HL)1 deck16 cards
4.2.1 Tariffs1 deck24 cards
4.2.2 Quota1 deck16 cards
4.2.3 Subsidy/export subsidy1 deck16 cards
4.2.4 Administrative Barriers1 deck20 cards
4.3.1 Arguments For Trade Protection1 deck19 cards
4.3.2 Arguments Against Trade Protection1 deck15 cards
4.3.3 Free Trade Versus Trade Protection1 deck20 cards
4.4.1 Preferential Trade Agreements1 deck16 cards
4.4.2 Trading Blocs1 deck20 cards
4.4.3 Advantages and disadvantages of trading blocs1 deck16 cards
4.4.4 Monetary union1 deck23 cards
4.4.6 The World Trade Organization (WTO)1 deck20 cards
4.5.1 Floating Exchange Rates1 deck16 cards
4.5.2 Changes in Demand and Supply of a Currency1 deck17 cards
4.5.3 Consequences of Changes to the Exchange Rate1 deck17 cards
4.5.4 Fixed Exchange Rates1 deck17 cards
4.5.5 Managed Exchange Rates1 deck15 cards
4.5.6 Fixed Versus Floating Exchange Rate Systems (HL)1 deck16 cards
4.6.1 Balance of payments 1 deck20 cards
4.6.2 Components of the balance of payments1 deck16 cards
4.6.3 Interdependence between the accounts1 deck16 cards
4.6.4 Relationship between the current account and the exchange rate (HL)1 deck19 cards
4.6.5 Relationship between the financial account and the exchange rate (HL only)1 deck15 cards
4.6.6 Implications of a persistent current account deficit (HL only)1 deck17 cards
4.6.7 Methods to correct a persistent current account deficit (HL only)1 deck16 cards
4.6.8 The Marshall-Lerner condition and the J-curve effect (HL only)1 deck14 cards
4.6.9 Implications of a persistent current account surplus in terms of (HL only)1 deck21 cards
4.7.1 The meaning of sustainable development1 deck19 cards
4.7.2 Sustainable Development Goals1 deck20 cards
4.7.3 Relationship between sustainability and poverty (HL only)1 deck19 cards
4.8.1 The multidimensional nature of economic development1 deck15 cards
4.8.2 Single indicators1 deck18 cards
4.8.3 Composite indicators1 deck16 cards
4.8.4 Strengths and limitations of approaches to measuring economic development1 deck18 cards
4.8.5 Possible relationship between economic growth and economic development1 deck15 cards
4.9.1 Poverty Traps and Poverty Cycles1 deck16 cards
4.9.2 Economic Barriers1 deck18 cards
4.9.3 Political and social barriers1 deck16 cards
4.9.4 Significance of different barriers to economic growth and/or economic development1 deck25 cards
4.10.1 Strategies to Promote Economic Growth and Economic Development1 deck16 cards
4.10.2 Strengths and Limitations of Strategies for Promoting Economic Growth and Economic Development1 deck16 cards
4.10.3 Strengths and Limitations of Government Intervention Versus Market-Oriented Approaches to Achieving Economic Growth and Economic Development1 deck20 cards
4.10.4 Meeting the Sustainable Development Goals1 deck21 cards