This class was created by Brainscape user Megan Clark. Visit their profile to learn more about the creator.
By:
Megan Clark
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Decks in this class (15)
Chapter 1 - First Principles
Why are choices necessary,
What is the true cost of something,
What do people respond to
12
cards
Chapter 2 - Economic Models: Trade-offs And Trade
What is created to understand rea...,
What is the production possibilit...,
When is an economy efficient on p...
13
cards
Chapter 3 - Supply and Demand
What is a competitive market,
What is the demand curve,
What is a demand schedule
19
cards
Chapter 4 - Consumer And Producer Surplus
What does the consumer and produc...,
What is a willingness to pay,
What is the total consumer surplus
7
cards
Chapter 5 - Price Controls And Quotas
Why do governments control market...,
Price controls,
Price ceiling
5
cards
Chapter 6 - Elasticity
Elastic demand,
Inelastic demand,
Price effect
13
cards
Chapter 7 - Taxes
Incidence of a tax,
What happens when price elasticit...,
If the price elasticities of tax ...
10
cards
Chapter 9 - Decision Making By Individuals And Firms
Explicit cost,
Implicit cost,
Capital
21
cards
Chapter 10 - The Rational Consumer
Utility,
Consumption bundle,
Utility function
14
cards
Chapter 11 - Behind The Supply
Production function,
Fixed input,
Variable input
20
cards
Chapter 12 - Perfect Competion And The Supply Curve
Price takers,
Most competitive industries have,
Short run market equilibrium
4
cards
Chapter 13 - Monopoly
Monopolist,
Monopolists have,
Natural monopoly
11
cards
Chapter 16 - Externalities
External cost,
External benefits,
Negative externalities positive e...
11
cards
Chapter 17 - Public Goods
Excludable,
Nonexludable,
Rival in consumption
8
cards
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Econ 101
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