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EC120 - MicroEcon

This class was created by Brainscape user Morgan Davies. Visit their profile to learn more about the creator.

By: Morgan Davies
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Decks in this class (20)

Chapter 1 - 10 Principals of Economics
Scarcity,
Economics,
Microeconomics
16  cards
Chapter 2 - Thinking Like an Economist
Models,
Slope,
Production possibilities frontier...
10  cards
Chapter 3 - Interdependence and Gains from Trade
Absolute advantage,
Comparative advantage
2  cards
Chapter 4 - Supply and Demand
Competitive market,
Perfectly competitive market,
Quantity demanded
25  cards
Chapter 5 - Elasticity and Its Application
Elasticity,
Elasticity of x and y,
Price elasticity of demand
21  cards
Chapter 6 - Supply, Demand, and Government Policies
Price ceiling,
Price floor,
Non binding price ceiling
11  cards
Chapter 7 - Consumers, Producers, and the Efficiency of Markets
Welfare economics,
Willingness to pay wtp,
Wtp demand curve
10  cards
Chapter 21 - Theory of Consumer Choice
Theory of consumer choice,
Budget constraint,
Slope of the budget constraint
20  cards
Chapter 8 - The Costs of Taxation
Tax wedge,
Revenue from tax,
Without tax cs and ps
7  cards
Chapter 9 - International Trade
World price pw and domestic price pd,
Small economy,
Benefits of international trade
10  cards
Chapter 13 - The Cost of Production
Total revenue,
Total cost,
Firm profit
23  cards
Chapter 14 - Perfect Competition
Characteristics of perfect compet...,
Total revenue tr,
Average revenue ar
14  cards
Chapter 15 - Monopoly
What is a monopoly,
Barriers to entry in a monopoly m...,
Monopoly demand curve
10  cards
Chapter 16 - Monopolistic Competition
Oligopoly,
Monopolistic competition,
Characteristics of monopolistic c...
6  cards
Chapter 17 - Oligopoly
Oligopoly,
Duopoly,
Collusion
7  cards
Chapter 10 - Externalities
Externalities,
External cost,
Social cost
11  cards
Chapter 11 - Public Goods and Common Resources
Excludability,
Rival in consumption,
Private goods
9  cards
Chapter 18 - The Markets for Factors of Production
Factors of production,
Derived demand,
Marginal product of labour mpl
7  cards
Chapter 19 - Earnings and Discrimination
Compensating differential,
Human capital,
Union
8  cards
Chapter 20 - Income Inequality and Poverty
Poverty line,
Poverty rate,
In kind transfers
11  cards

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EC120 - MicroEcon

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