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Economics (Micro)

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

By: Aidan TIPPING
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Decks in this class (9)

Nature of Economics
What is the economic problem,
What does ppf show,
How would you shift the ppf scale
16  cards
How markets work
What is demand,
What factors shift the demand curve,
Name the types of demand
29  cards
Market Failure
Describe the types of market failure,
What can externalities cause,
Explain external costs of production
7  cards
Government Intervention
Why do governments intervene,
Why is a maximum price set,
Why is a minimum price set
6  cards
Business Growth
Whats the difference between priv...,
What are some differences in ince...,
What is the difference between pr...
17  cards
Business Objectives
Where does profit maximisation occur,
Where does revenue maximisation o...,
Where does sales maximisation occur
4  cards
Revenues, Costs and Profits
What is the formula for total rev...,
What is marginal revenue,
When is total revenue is maximised
12  cards
Market Structures
What is allocative efficiency,
Productive efficiency,
Dynamic efficiency
35  cards
Labour Markets
What determines the supply of labour,
What is a derived demand,
What is meant by inelastic labour
11  cards

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Economics (Micro)

  • Class purpose General learning

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