This class was created by Brainscape user Johni Watt. Visit their profile to learn more about the creator.
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Johni Watt
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Decks in this class (14)
Micro 1 - 5
Why is economics a social science,
What is a model,
Why do economists make models
48
cards
Micro 6 - Demand
Why is the demand curve downwards...,
Why is more demanded at a lower p...,
What is utility
22
cards
Micro 7 - Consumer surplus
Consumer surplus definition,
What is consumer surplus a measur...,
Where is consumer surplus illustr...
6
cards
Micro 8 - Supply
ADD PRACTICAL WORKBOOK QUESTIONS
11
cards
Micro 9 - Producer surplus
Producer surplus definition,
How do you show producer surplus ...,
On a graph producer surplus is th...
5
cards
Micro 10 - Market Equilibrium
What is the market equilibrium,
What does market equilibrium resu...,
What happens when the market reac...
25
cards
Micro 11 - Interrelationship between markets
Price mechanism definition,
What 3 functions does price have ...,
What is the signalling function o...
16
cards
Micro 11 - Economic Systems
What is the market economy,
What allocates resources in the m...,
What economy is the uk
12
cards
Micro 12 - An Elasticities Experiment
What is price elasticity of demand,
How can ped be measured,
What does elastic mean
18
cards
Micro 13 - Price elasticity of demand
Price elastic definition,
Price elastic and inelastic diagrams,
Which 3 factors determine the pri...
5
cards
Micro 14 - Income elasticity of demand
How does yed data help firms who ...,
Evaluate yed,
3
cards
Micro 15 - cross elasticity of demand
Why is xed important to firms,
2
cards
Micro 16 - Price elasticity of supply
What is pes,
Pes calculation,
What are the determinants of pes
8
cards
Micro 17 - Application of markets to the real world
What are commodities,
Are commodities elastic or inelas...,
Why is the market of commodities ...
5
cards
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Microeconomics
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