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ECON W1105 Principles of Economics

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

By: Jonathan Li
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Decks in this class (14)

Chapter 1: Economics: Foundations and Models
Scarcity 1,
Economics 2,
Economic model 3
19  cards
Chapter 2: Trade-offs, Comparative Advantage, and the Market System
Scarcity 1,
Production possibilities frontier...,
Opportunity cost 3
15  cards
Chapter 3: Where Prices Come From: The Interaction of Demand and Supply
Perfectly competitive market 1,
Demand schedule 2,
Quantity demanded 3
18  cards
Chapter 4: Economic Efficiency, Government Price Setting, and Taxes
Price ceiling 1,
Price floor 2,
Consumer surplus 3
11  cards
Chapter 5: Externalities, Environmental Policy, and Public Goods
Externality 1,
Private cost 2,
Social cost 3
18  cards
Chapter 6: Elasticity: The Responsiveness of Demand and Supply
Elasticity 1,
Price elasticity of demand 2,
Elastic demand 3
11  cards
Chapter 10: Consumer Choice and Behavioral Economics
Utility 1,
Marginal utility mu 2,
Law of diminishing marginal utili...
13  cards
Chapter 11: Technology, Production, and Costs
Technology 1,
Technological change 2,
Short run 3
27  cards
Chapter 12: Firms in Perfectly Competitive Markets
Perfectly competitive market 1,
Price taker 2,
Profit 3
13  cards
Chapter 13: Monopolistic Competition: The Competitive Model in a More Realistic Setting
Monopolistic competition 1,
Marketing 2,
Brand management 3
3  cards
Chapter 19: GDP: Measuring Total Production and Income
Microeconomics 1,
Macroeconomics 2,
Business cycle 3
21  cards
Chapter 20: Unemployment and Inflation
Labor force 1,
Unemployment rate 2,
Discouraged workers 3
17  cards
Chapter 21: Economic Growth, the Financial System, and Business Cycles
Business cycle 1,
Long run economic growth 2,
Labor productivity 3
10  cards
Chapter 22: Long-Run Economic Growth: Sources and Policies
Industrial revolution 1,
Economic growth model 2,
Labor productivity 3
14  cards

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ECON W1105 Principles of Economics

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