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Economics U3/4

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

By: Rukaiya Riyas
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Decks in this class (6)

U3 AOS 1 What is economics?
Economics,
Microeconomics,
Macroeconomics
3  cards
U3 AOS 1 Relative scarcity
Relative scarcity,
Needs,
Wants
9  cards
U3 AOS 1 Choice, opportunity cost and efficiency in resource allocation
Economy,
Opportunity cost,
Production possibility frontier ppf
9  cards
U3 AOS1 Market structure and the conditions for a free and perfectly competitive market
A market is any type of arrangeme...,
Market capitalist economy,
Price
8  cards
U3 AOS1 Microeconomics + The effects of changes in non-price demand and supply factors on market equilibrium and the allocation of resources
The law of demand,
The income effect,
The substitution effect states th...
16  cards
U3 AOS 1 The meaning and significance of price elasticity of demand and supply
Price elasticity of demand ped,
Price elasticity of supply pes me...,
Relative prices
4  cards

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Economics U3/4

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