Demand
Law of Demand
If the price decreases the demand increases, ceteris paribus
Most common negative externality of production?
Pollution, emissions.
GNI means?
Gross National Income
What is Supply?
The willingness and ability to sell a product at a certain pricepoint
A display of the potential output 2 different goods with available resources.
Who faces the burden of indirect tax in inelastic demand?
Producers
2 forms of government intervention
Indirect tax
Direct tax
Price control
Subsidies
Nationalisation
Nudging
Direct Tax
Indirect tax
Formula of PES?
PES = %∆QS/%∆P
Ceteris paribus?
YED formula
PES = %∆QS/%∆Y
Goods that are rivalrous and non-excludable?
Common pool resources
2 axis of Lorenz curve? specifically labelled y and x.
y = cumulative % income
x= cumulative % population
Education/training
4 factors of production
Formula for AD
Consumption + Investment + Government spending + (eXports - iMports)
Diagram for positive externality of consumption?
Mr Ali check
1 of the 3 methods to measure economic activity?
Output, income, expenditure
Draw the 2 schools of view of LRAS, labelling both.
Mr Ali check
All 3 leakages in an open economy?
Taxes
Savings
Imports
3 determinants of PED
Pigouvian Tax?
All 4 macroeconomic objectives?
Stable rate of inflation
Economic growth
Low unemployment
Balance of payment stability
2 determinants of PES?
Spare capacity
Time period considered
Ability to store stock
Mobility and costs of FOP
1 of the 9 fundamental concepts in Econ IBDP
Scarcity
Economic Well Being
Change
Choice
Equity
Interdependence
Efficiency
Sustainability
Intervention