Save
Economics
Ch. 6
Save
Share
Learn
Content
Leaderboard
Share
Learn
Created by
Diantha Coutinho
Visit profile
Cards (10)
Index numbers are not
directly measurable
, but represent
relative changes
View source
Present use of index numbers
Measuring trends in a wide variety of areas such as stock market prices, cost of living, industrial and agricultural production, changes in exports and imports etc.
View source
Index numbers
are one of the most used
statistical
tools
in Economics
View source
Index numbers were originally developed to measure
changes
in the
price level
View source
Index number
A device to measure changes in an economic variable (or group of variables) over a period of time
View source
Economic variable
A variable that is affected by economic conditions
View source
Original use of index numbers
Measuring changes in the price level
View source
Marginal utility
is the amount of extra
pleasure
or
satisfaction
derived from consuming one more unit of a product.
The law of diminishing
marginal utility
states that additional units of a good will yield less satisfaction than previous units.
Substitution effect
refers to the
change in
quantity demanded as a result of a
price change
, holding constant all other factors that affect demand.
See similar decks
1.1.4 Economic Sectors
Edexcel GCSE Economics > 1. Introduction to Economics > 1.1 The Basic Economic Problem
44 cards
6.1.2 The Role of Models in Economics
Edexcel GCSE Economics > 6. Economic Methodology and the Economic Problem > 6.1 Economic Methodology
48 cards
6. Economic Methodology and the Economic Problem
Edexcel GCSE Economics
265 cards
1.1 The Basic Economic Problem
Edexcel GCSE Economics > 1. Introduction to Economics
181 cards
1.1 The Basic Economic Problem
Edexcel GCSE Economics > 1. Introduction to Economics
138 cards
6.1 Economic Methodology
Edexcel GCSE Economics > 6. Economic Methodology and the Economic Problem
125 cards
1.1.3 Economic Agents
Edexcel GCSE Economics > 1. Introduction to Economics > 1.1 The Basic Economic Problem
21 cards
6.1 Economic Methodology
Edexcel GCSE Economics > 6. Economic Methodology and the Economic Problem
100 cards
1.1.3 Economic Agents
Edexcel GCSE Economics > 1. Introduction to Economics > 1.1 The Basic Economic Problem
31 cards
6.2.4 Economic Systems
Edexcel GCSE Economics > 6. Economic Methodology and the Economic Problem > 6.2 The Economic Problem
26 cards
4.1 Economic Growth
Edexcel GCSE Economics > 4. Macroeconomics
140 cards
1.2 The Basic Economic Problem
OCR GCSE Economics > 1. Introduction to Economics
41 cards
4.1 Economic Growth
Edexcel GCSE Economics > 4. Macroeconomics
185 cards
6. Economic Methodology and the Economic Problem
Edexcel GCSE Economics
299 cards
4.8 Development Economics
Edexcel GCSE Economics > 4. Macroeconomics
211 cards
3. Business Economics
Edexcel GCSE Economics
483 cards
5. Personal Economics
Edexcel GCSE Economics
483 cards
1.1.4 Economic Sectors
Edexcel GCSE Economics > 1. Introduction to Economics > 1.1 The Basic Economic Problem
83 cards
6.1.1 Positive and Normative Statements
Edexcel GCSE Economics > 6. Economic Methodology and the Economic Problem > 6.1 Economic Methodology
36 cards
6.2.1 Scarcity and Choice
Edexcel GCSE Economics > 6. Economic Methodology and the Economic Problem > 6.2 The Economic Problem
27 cards
6.1.3 Ceteris Paribus Assumption
Edexcel GCSE Economics > 6. Economic Methodology and the Economic Problem > 6.1 Economic Methodology
33 cards