Economics flashcards

105 QCE Economics cards across 4 modules (38 definitions, 38 key facts, 19 fill-the-gap, 10 formulas). Each session gives you 20 cards, due cards first. Swipe right for easy, left for hard, down for again. Keyboard: Space to flip, 1 to 4 to rate.

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What this deck covers

Unit 1: Markets and models (32 cards, 6 dot points)
Unit 2: Modified markets (25 cards, 4 dot points)
Unit 3: International economics (22 cards, 4 dot points)
Unit 4: Contemporary macroeconomics (26 cards, 5 dot points)

Sample cards from this deck

Definition
The circular flow of income model (QCE Economics Unit 1)
Define Firms
Hire factors, produce output, pay factor incomes, and receive consumption spending as revenue.
Definition
Aggregate demand and aggregate supply influences (QCE Economics Unit 2)
Define Aggregate supply (AS)
Aggregate supply (AS) is the total production of goods and services. The short-run AS curve slopes upward; the long-run AS curve is vertical at potential output.
Definition
Exchange rates and the balance of payments (QCE Economics Unit 3)
Define Fixed
Pegged to another currency or basket. Hong Kong dollar is fixed to USD.
Definition
Aggregate supply policies and productivity (QCE Economics Unit 4)
Define Aggregate supply (AS) policies
Aggregate supply (AS) policies are measures that increase the productive capacity of the economy by shifting the long-run aggregate supply (LRAS) curve right.
Definition
Demand, supply, equilibrium and elasticity (QCE Economics Unit 1)
Define Income effect
Higher price for X reduces real purchasing power, so consumers buy less of all normal goods.
Definition
Macroeconomic measurement: GDP, CPI and unemployment (QCE Economics Unit 2)
Define Gross Domestic Product (GDP)
Gross Domestic Product (GDP) is the total market value of all final goods and services produced within a country in a given period.
Definition
Globalisation, international organisations and Australia's FTAs (QCE Economics Unit 3)
Define Capital
Capital (FDI, portfolio investment, foreign exchange).
Definition
Economic growth: sources, benefits and costs (QCE Economics Unit 4)
Define Actual growth
Actual growth is the measured year-on-year change in real GDP. It reflects how much the economy is actually producing, which depends on aggregate demand and how fully existing capacity is used.
Definition
Price ceilings, price floors and market welfare (QCE Economics Unit 1)
Define Consumer surplus
Consumer surplus is the difference between what consumers are willing to pay (shown by the demand curve) and what they actually pay (the price). It is the area below the demand curve and above the price, up to the quantity traded.
Definition
Market failure and government intervention (QCE Economics Unit 2)
Define Market failure
Market failure occurs when the competitive market fails to allocate resources efficiently. The market outcome differs from the socially optimal outcome.