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Micro Economics Key Terms

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

By: Scarlett Jessup
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Decks in this class (16)

1.1 economic methodology
Define economics as a social science,
Similarities in methodology from ...,
What items is relied on
7  cards
1.2 the nature and purpose of economic activity
What is the central purpose of al...,
What are the key economic decisions
2  cards
unit 1.3 Economic recourses
Name the economic recourses,
Why is the environment a scarce r...
2  cards
1.4 scarcity choice and the allocation of recourses
What is the fundamental economic ...,
What does scarcity mean,
Whats opportunity cost
3  cards
1.5 production possibility diagrams
What do production possibility di...,
Draw a production possibility dia...,
Difference between allocative and...
4  cards
2.1 consumer behaviour
Marginal definition,
Marginal product,
Marginal utility
10  cards
2.2 - imperfect information
Who are the economic agents,
Why do different agents have diff...,
Why cant economic agents always m...
4  cards
2.3 - aspects of behavioural economic theory
What is bounded rationality,
What is bounded self control,
What are the biases in decision m...
8  cards
2.4 - behavioural economics and economic policy
What is nudging,
Restricted choice,
Default bias
6  cards
3.1 the determinants of the demand for goods and services
What does a demand curve show,
What does demand result from,
Why is the demand curve downward ...
5  cards
3.2 price income and cross elasticity of demand
The price elasticity of demand fo...,
When is the price elasticity of d...,
What is the formula for income el...
18  cards
3.3 The determinants of the supply of goods + services
What does a supply curve show,
How will a rise in price effect t...,
What are the seven factors that c...
9  cards
3.4 price elasticity of supply
What is the price elasticity of s...,
What is the formulae for price el...,
When is supply inelastic and when...
4  cards
3.5 the determination of equilibrium market price
What is market equilibrium,
What is market disequilibrium,
What will excess supply force pro...
5  cards
8.1 the market mechanism, market failure and government intervention in markets
What are the functions of price,
What are the advantages of price ...,
What are disadvantages of the pri...
3  cards
8.2 the meaning of market failure
What is market failure,
What is complete market failure,
What is partial market failure
7  cards

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Micro Economics Key Terms

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