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

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ECON W1105 Principles of Economics

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