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Micro-Econ Assessment (AS)

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

By: Will Poulten
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Decks in this class (6)

BASIC ECONOMIC PROBLEM
Define normative statement examples,
Define positive statement,
How do value judgements influence...
25  cards
INDIVIDUAL DECISION MAKING
Define rational behaviour,
Define utility,
Define marginal utility
24  cards
PRICE DETERMINATION + COMPETITIVE MARKETS
Define demand,
Define supply,
What is a competitive market
35  cards
PRODUCTION COST + REVENUE
List the 4 factors of production,
Define the productivity gap,
Define specialisation
3  cards
COMPETITIVE + CONENTRATED MARKETS
0  cards
MARKET MECHANISM, FAILURE + GOV INTERVENTION
What are the 3 functions of prices,
What is the signalling function,
What is the incentive function
31  cards

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Micro-Econ Assessment (AS)

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