This class was created by Brainscape user James Song. Visit their profile to learn more about the creator.
By:
James Song
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Decks in this class (14)
1.1 The Economic Problem
What is the economic problem 1,
What are economic goods 2,
What are free goods 3
13
cards
1.2 Market Allocation of Resources
What is a market 1,
What is an economic system 2,
What is a market economy 3
9
cards
1.3 Opportunity Cost and PPCs
What is a production possibility ...,
What is infrastructure 2,
What is opportunity cost 3
3
cards
2.1 Specialisation and Trade
What is division of labour 1,
What is specialisation 2,
What is barter 3
3
cards
2.2 Demand
What is demand 1,
What is effective demand 2,
What is the law of demand 3
9
cards
2.3 Supply
What is supply 1,
What is the law of supply 2,
How do changes in price cause a m...
6
cards
2.4 Producer and Consumer Surplus
What is consumer surplus 1,
What is producer surplus 2
2
cards
2.5 The Interaction of Markets
What is deadweight loss 1,
What does price act to do in a fr...
2
cards
2.6 Elasticity
What are the factors which determ...,
What are the factors which determ...,
What are the factors which determ...
3
cards
2.7 The Concept of the Margin
What is marginal 1,
What is marginal revenue mr 2,
What is marginal cost mc 3
11
cards
2.8 Market Failure and Externalities
What is market failure 1,
What are the reasons that markets...,
What is an externality 3
10
cards
2.9 Information Failure
What are demerit goods 1,
What are merit goods 2,
What are the types of information...
6
cards
2.10 Public Goods
What are the key characteristics ...,
What are pure public goods 2,
What are quasi public goods 3
11
cards
2.11 Government Intervention
What is an indirect tax 1,
What is a specific tax unit tax 2,
What is an ad valorem tax 3
7
cards
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Microeconomics
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