This class was created by Brainscape user Rahjun Sandhu. Visit their profile to learn more about the creator.
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Rahjun Sandhu
- decks
- flashcards
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Decks in this class (23)
LS1 - The Economic Problem
Corporation tax,
What are the fop,
Capital
12
cards
LS2 - Economics As A Social Chase
Theoretical model,
Empirical model,
Why do economists develop models
5
cards
LS3 - Opportunity Cost
Opportunity cost,
How do consumers use opportunity ...,
How do producers use opportunity ...
11
cards
LS4 - Economic Statements
Objective statements,
Subjective statements,
Positive economic statements
6
cards
LS5 - Specialisation
Specialisation,
Division of labour,
Productivity equation
14
cards
LS6 - Types Of Economy
Market,
Ways to allocate resources,
Market mechanism
10
cards
LS7 - Decision Making
Problem
1
cards
LS8 - Demand
Problem of demand,
Solution of demand,
Demand
8
cards
LS9 - Supply
Raw material,
Revenue,
Total revenue
6
cards
LS10 - Price Determination
What s a market
1
cards
LS11 - Taxes & Subsidies
Direct tax,
Indirect tax,
Ad valorem tax
5
cards
LS12 - Price Elasticity Of Demand
Price elasticity of demand,
Price elastic,
Price inelastic
10
cards
LS12 - Price Elasticity Of Supply
Price elasticity of supply,
Price elastic,
Price inelastic
7
cards
LS13 - Consumer & Producer Surplus
Consumer surplus,
Consumer surplus,
Producer surplus
4
cards
LS14 - Diminishing Marginal Utility
Tax revenue,
Government spending,
Income effect
6
cards
LS15 - XED
Cross price elasticity of demand xed,
Xed equation,
Xed 0
5
cards
LS15 - YED
Normal goods,
Inferior goods,
Income elasticity of demand yed
8
cards
LS16 - Price Mechanism
Price mechanism,
Rationing function,
Signalling function
5
cards
LS17 - Market Failure & Externalities
Market failure,
Market failure in practice,
Social optimal level of output
10
cards
LS18 - Public Goods
Public goods,
Non rivalrous,
Non excludable
11
cards
LS19 - Information Gaps
Perfect information,
Symmetric information,
Imperfect information
13
cards
LS20 - Max & Min Prices
Maximum prices,
Minimum price,
Excess supply
15
cards
LS21 - Tradable Pollution Permits
0
cards
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Micro Theme 1
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