Economics flashcards

60 TCE Economics cards across 2 modules (14 definitions, 38 key facts, 0 fill-the-gap, 8 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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Definition
Aggregate demand and aggregate supply - TCE Economics (Tasmania)
Define Aggregate supply
The total quantity of goods and services that firms in an economy plan to produce and sell at each general price level over a given period.
Definition
Scarcity, choice and opportunity cost - TCE Economics (Tasmania)
Define Relative scarcity
The economic problem that arises because human wants are unlimited while the resources available to satisfy them are limited, forcing choices about how resources are used.
Definition
The balance of payments and the CAD - TCE Economics (Tasmania)
Define Current account deficit
A situation in the balance of payments where the outflows on the current account (imports, income paid abroad and transfers out) exceed the inflows (exports, income received and transfers in) over a period.
Definition
The market economy and circular flow - TCE Economics (Tasmania)
Define Circular flow of income
A model showing the continuous movement of resources, goods, services and money between the sectors of an economy, used to explain how spending generates income and how the economy reaches equilibrium.
Definition
Economic growth and living standards - TCE Economics (Tasmania)
Define Economic growth
A sustained increase in the real value of goods and services produced in an economy over time, measured by the percentage change in real Gross Domestic Product.
Key fact
Elasticity - TCE Economics (Tasmania)
Tell me about Income elasticity of demand (YED)
YED measures how demand responds to a change in income. When the ABS reports rising household incomes, businesses use YED to predict which products will grow fastest.
Definition
Economic Objectives and Indicators - TCE Economics (Tasmania)
Define Gross Domestic Product
The total market value of all final goods and services produced within a country over a period of time, usually a year or quarter.
Key fact
Market failure and government intervention - TCE Economics (Tasmania)
Tell me about Externalities
An externality is a cost or benefit that falls on a third party who is not part of the transaction. The deadweight loss is the loss of welfare from producing the wrong quantity.
Definition
Free trade and protection - TCE Economics (Tasmania)
Define Tariff
A tax imposed on imported goods, which raises their price in the domestic market to protect local producers from foreign competition.
Key fact
Market Structures - TCE Economics (Tasmania)
Tell me about Monopoly
A monopoly is a single seller of a product with no close substitutes, protected by high barriers to entry such as legal patents, control of a resource, or large economies of scale (a natural monopoly). The monopolist is a price maker and faces the whole downward-sloping market demand curve.