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MICRO ECONOMICS IMPROVED

This class was created by Brainscape user Robert Riechert Transitus. Visit their profile to learn more about the creator.

By: Robert Riechert Transitus
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Decks in this class (14)

NATURE OF ECONOMICS
What is meant by opportunity cost,
What are the factors of production,
What is the problem of scarcity
30  cards
PRICE MECHANISM
What happens when there is excess...,
If there is excess supply what ha...,
When price goes up what happens t...
7  cards
SURPLUS
Add in some diagrams when you get...,
Draw a diagram showing consumer s...,
Diminishing marginal utility
12  cards
TAX AND SUBSIDIES
What is meant by indirect tax,
What is meant by specific tax,
What is meant by ad valorem tax
23  cards
SUPPLY AND DEMAND
What is the formula for ped,
Ped will always be negative why,
Demand is elastic when
54  cards
MARKET FAILURE AND GOV INTERVENTION
What is market failure,
What are the 4 types of market fa...,
What is meant by private costs
29  cards
TYPES OF ECONOMY + GOV FAILURE
What is a command economy,
What are the pros and cons of a c...,
If the government notices negativ...
12  cards
T3 REVENUE COST AND PROFIT
What is the formula for revenue,
What is the formula for average r...,
What is the formula for marginal ...
40  cards
T3 MARKET STRUCTURES
0  cards
T3 EFFICIENCY
What are the 4 types of efficiency,
What is productive efficiency,
What is meant by allocative effic...
3  cards
T3 LABOUR MARKETS
0  cards
T3 BUSINESS OBJECTIVES AND GROWTH
0  cards
T1 / T3 Essay Frameworks
When talking about producers what...,
Government essay focuses,
Consumer focuses essay
7  cards

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MICRO ECONOMICS IMPROVED

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