This class was created by Brainscape user L S. Visit their profile to learn more about the creator.
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L S
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Decks in this class (14)
Chapter 1 - The economic problem and opportunity cost
What is scarcity 1,
What are economic goods 2,
What are free goods 3
24
cards
Chapter 2 - The allocation of resources, specialisation and trade
What is resource allocation 1,
What is a market economy 2,
What is a centrally planned econo...
20
cards
Chapter 3 - Demand
What is demand 1,
What are the factors that influen...,
What is market demand 3
18
cards
Chapter 4 - Supply
What is a competitive market 1,
What are the factors that influen...,
What would happen to supply if pr...
13
cards
Chapter 5 - The interaction of markets
What is market equilibrium 1,
What is excess supply 2,
What is excess demand 3
9
cards
Chapter 6 - Elasticity
What does elasticity mean 1,
What is the price elasticity of d...,
What does elastic mean 3
24
cards
Chapter 7 - Prices, resource allocation and concept of the margin
What is marginal principle 1,
What is rational decision making 2,
What assumption is made about the...
14
cards
Chapter 8 - Market failure and externalities
What is market failure 1,
What is marginal social benefit m...,
What is marginal social cost msc 3
19
cards
Chapter 9 - Market failure: information failure and public goods
What is asymmetric information 1,
How does asymmetric information a...,
How does asymmetric information a...
22
cards
Chapter 10 - Government intervention and government failure
What is indirect tax 1,
What is direct tax 2,
Who pays the tax that is put on g...
31
cards
Chapter 11 - Costs, economies of scale, revenue and profit
What is a firm business 1,
What does short run mean 2,
What does long run mean 3
43
cards
Chapter 12 - Objectives of business
At what level will profits be max...,
What is the principal agent probl...,
What causes the principal agent p...
21
cards
Chapter 13 - Market Structure: Perfect Competition
What is market structure 1,
What is the summary of perfect co...,
What is the summary of monopoly 3
22
cards
Chapter 14 - Market structure: Monopoly
What is a monopoly 1,
What are the assumptions for a mo...,
What are the barriers to entry of...
38
cards
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Economics
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