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Microeconomics

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

By: Tait Gould
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Decks in this class (13)

Chapter 1 - Economics and Life
What is economics,
What is rational behaviour,
What is scarcity
19  cards
Chapter 2 - Specialization and Exchange
Production possibilities frontier,
Production possibility model,
When are points efficient
8  cards
Chapter 3 - Markets
What is a market,
What is the competitive market,
What are the 4 characteristics of...
26  cards
Chapter 4 - Elasticity
What is elasticity,
Price elasticity of demand defini...,
What does more elastic mean aka e...
22  cards
Chapter 5 - Efficiency
Maximum willingness to pay is,
Minimum willingness to sell,
What is surplus
10  cards
Chapter 6 - Government Intervention
What are the 3 reasons for govern...,
What is a market failure,
What is a price ceiling
16  cards
Chapter 7 - Consumer Behaviour
What is utility,
What is utility maximization,
What is the principle of revealed...
11  cards
Chapter 12 - The Cost of Production
How do you calculate profit,
What is total revenue,
What is total cost
23  cards
Chapter 13 - Perfect Competition
What are the characteristics of a...,
Price takers definition,
What is market power
13  cards
Chapter 14 - Monopoly
What is monopoly,
When is a firm a perfect monopoly,
When does a firm have monopoly power
20  cards
Chapter 17 - International Trade
What is comparative advantage,
What does the term gains from tra...,
Characteristics that affect the c...
17  cards
Chapter 18 - Externalities
What are externalities,
What is a private benefit,
What are external benefits
16  cards
Chapter 19 - Public Goods and Common Resources
What are two types of goods that ...,
What is an excludable good,
What is a rival in consumption good
12  cards

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Microeconomics

  • Class purpose General learning

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