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micro economics

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

By: Liv Lonsdale
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Decks in this class (13)

1.1 THE ECONOMIC PROBLEM
What are the 3 economic agents,
What are the 4 factors of production,
What s a positive statement
9  cards
1.2 THE ALLOCATION OF RESOURCES
The rationing function,
The incentive function,
The signalling function
16  cards
1.3 OPPORTUNITY COSTS
What is opportunity cost,
What causes the ppc to shift,
What is meant by a trade off
5  cards
2.1 SPECIALISATION AND TRADE
When does specialisation occur,
What s the division of labour,
Whats a barter system
8  cards
2.2 DEMAND
What is market demand,
Demand definition,
Whats the demand curve
13  cards
2.3 SUPPLY
Define supply,
Describe the supply curve,
What will a shift left mean for s...
8  cards
2.4 CONSUMER & PRODUCER SURPLUS
What s consumer surplus,
What is producer surplus
2  cards
2.5 INTERACTION OF MARKETS
What is equilibrium,
What s equilibrium price,
What s equilibrium quantity
17  cards
2.6 PRICE ELASTICITY OF DEMAND
What are the 4 basic types of ela...,
What is price elasticity of demand,
How to calculate ped
5  cards
2.6 INCOME ELASTICITY OF DEMAND
What is yed,
Whats normal good,
Whats an inferior good
7  cards
2.6 CROSS ELASTICITY OF DEMAND
What is xed,
How to calculate xed,
What can xed also be seen as
6  cards
2.6 PRICE ELASTICITY OF SUPPLY
What is pes,
If pes is elastic what can happen...,
If pes is inelastic what will hap...
4  cards
2.6 IMPORTANCE OF ELASTICITY
What is incidence of tax,
Importance of elasticity,
What happens if its a relatively ...
4  cards

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micro economics

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