This class was created by Brainscape user Amira L. Visit their profile to learn more about the creator.
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Amira L
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Decks in this class (17)
specialisation and trade
Specialisation in individuals,
What is specialisation,
Specialisation in firms
14
cards
elasticity
Price elasticity of demand formula,
Elastic demand,
Perfectly elastic demand
45
cards
utility
Marginal utility,
Total utility,
What is utility
45
cards
supply and demand
Individual supply meaning don t d...,
What is market demand,
Why does price and quantity have ...
16
cards
externalitites
Types of government failure 8,
1 what is excise indirect tax 2 i...,
If a good is elastic who pays mor...
25
cards
merit and demerit goods
7 factors effecting the demand sh...,
What is moral hazard,
What are demerit goods
19
cards
production
What are the 3 things shown on a ...,
What is the total product,
What is the average product
30
cards
the economic problem and allocative efficiency
What is the problem,
What does this lead us to question,
What does land include factor of ...
19
cards
monopolies- price discrimination
Why is first degree used,
Why is second degree used,
Why is third degree used
5
cards
business objectives
What are the business objectives 4,
What is profit maximization on a ...,
What is revenue maximization
37
cards
the basics of externalities
What types of goods cause positiv...,
What types of goods cause negativ...,
Why does market failure occur
8
cards
public goods
What is a public good,
What are the characteristics of a...,
Why is the marginal cost 0
15
cards
perf comp
Assumptions of perf comp 7,
How ca they do this you got this ...,
Do firms make supernormal profit ...
23
cards
barriers to entry
L57
4
cards
monopolies
What is a pure monopoly,
What is a legal monopoly,
What is a dominant monopoly
22
cards
monopolies- price discrimination
What is price discrimination,
What are ethe assumptions behind ...,
What is first degree pd
9
cards
monopolistic competition
What type of profit is made in th...,
What type of profit is made in th...,
What are the characteristics
18
cards
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micro
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