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

Decks in this class (19)

CH1. The economic problem
What is the economic problem 1,
How does knowing what to produce ...,
How does knowing who to produce f...
9  cards
CH2. Economic assumptions
What are the 2 underlying economi...,
What does maximising benefit mean...,
What are the reasons why consumer...
4  cards
CH3. Demand
What is demand 1,
What does a demand curve look like 2,
What is the relationship between ...
14  cards
Supply
What is supply 1,
What is the relationship between ...,
What does a supply curve look like 3
13  cards
Market equilibrium
How do you calculate total revenue 1,
What is excess demand 2,
What is excess supply 3
3  cards
Price Elasticity of Demand
What is a ped 1,
What is inelastic demand 2,
What is elastic demand 3
11  cards
Price Elasticity of Supply
What is pes 1,
What is inelastic supply 2,
What is elastic supply 3
9  cards
Income elasticity of demand
What is yed 1,
How do you calculate yed 2,
What are necessities and what is ...
7  cards
The Mixed Economy
What is economy 1,
What is the private sector 2,
What is the public sector 3
19  cards
Privitisation
What is a natural monopoly 1,
What is privitsation 2,
How does privatisation take place 3
8  cards
Externalities
What are external costs 1,
What are the 6 external costs 2,
What are external benefits 3
9  cards
CH14 Factors of production
What are the 4 factors of product...,
What is capital 2,
What is enterprise 3
8  cards
CH 15 Productivity and the Division of Labour
What is productivity 1,
How could land affect productivity 2,
How could labour affect productiv...
9  cards
CH 16 Business costs, Revenue & Profit
What are costs 1,
What are fixed costs 2,
What are variable costs 3
7  cards
Ch 17 Economies and Diseconomies of scale
What is economies of scale 1,
What is diseconomies of scale 2,
What is internal economies of sca...
6  cards
CH 18 Compedetive markets
What are barries to entry 1,
What are the features to a comped...,
What are the advantags of a compe...
6  cards
CH 19 Large & Small firms
What are the advantages of being ...,
What are the disadvantages of bei...,
What are the advantages of being ...
7  cards
CH 20 Monopoly
What is a monopoly 1,
What are the features of a monopo...,
What are price makers 3
7  cards
CH 21 Oligopoly
What is an oligopoly 1,
Blank 2
2  cards

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Microeconomics

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