Microeconomics flashcards

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

Decks in this class (21)

Basic economic problem
What is the basic economic problem,
Explain why the basic economic pr...,
What is marginal benefit and marg...
6  cards
Specialisation and money
What is specialisation,
What are examples of specialisati...,
What is another name for speciali...
8  cards
Economic methodology
Why is economics a social science,
Why is economics empirical making...,
What is the difference between po...
3  cards
Markets
What choices have to be made to m...,
What are the characteristics of a...,
Define a market
5  cards
Demand
What is the definition of demand,
What is the relationship between ...,
What are 4 factors that cause a s...
8  cards
Supply
What is the definition of supply,
Explain the relationship between ...,
What factors cause a shift in supply
3  cards
Market equilibrium
What is the market equilibrium,
What happens at a price below the...,
How do the price mechanisms solve...
3  cards
Interrelationships between markets
What is a substitute good,
What is competitive demand,
Describe
9  cards
Price elasticity of demand
Define ped,
What is the formula for ped,
Why is ped negative
9  cards
Income and cross elasticity of demand
Define yed,
What is the formula for yed,
What are normal goods
9  cards
Price elasticity of supply
Define pes,
What is the formula for pes,
Why is pes positive
6  cards
Indirect tax and subsidies
Describe the effect of an increas...,
What are the differences in an in...,
What is the difference between an...
9  cards
The invisible hand
Why do we need to make economic c...,
What are the 3 main economic choices,
How do we judge how effective an ...
16  cards
Market failure 1 - externalities
What is an externality,
Why are externalities bad,
Describe the difference between n...
19  cards
Merit goods
Define a merit good,
What are the 3 reasons to why mer...,
Why does imperfect information an...
14  cards
Demerit goods
Define demerit goods,
What are 3 reasons to why demerit...,
Why do demerit goods cause negati...
6  cards
Minimum and Maximum Pricing
Why would a government implement ...,
What are 3 examples of min pricin...,
What are 2 examples of a max pric...
6  cards
Public goods
What is the difference between co...,
What are the 2 characteristics of...,
Explain what non rivalrous means
9  cards
Immobility of labour
What are the causes of a regional...,
How do the natural market forces ...,
What are the solutions to occupat...
4  cards
Problems of inequality
Why is equity a normative concept,
Explain the relationship between ...,
What is the welfare state
4  cards
Information failure
Why is perfect information important,
Why does imperfect information occur,
What are the solutions to asymmet...
5  cards

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Microeconomics flashcards

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