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Unit 1 Economics: Markets and Models

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

By: Ayan Rahman
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Decks in this class (14)

What is economics and scarcity?
Syllabus,
What are the two main branches of...,
What is scarcity
5  cards
Factors of Production
What is a factor of production fop,
What are the fops,
What is land as a lop
7  cards
Opportunity Cost
Opportunity cost,
What can opportunity cost be rega...,
Value benefits and cost and what ...
10  cards
Production Possibility Curves
What is the importance of the pro...,
Assumptions of the ppc,
Production possibility frontier
4  cards
Increasing Opportunity Cost
Why is the ppe curved and concave...,
What is the law of increasing opp...
2  cards
Non-Optimal combinations
Idle resources,
Producing on vs producing inside ...,
What are unachievable output comb...
5  cards
Basic Economic Principles
What is the basic economic problem,
What is the first economic questi...,
What is consumer sovereignty
13  cards
Market Forces
What is a market,
How does australia s market syste...,
Step 1 of how australia market sy...
12  cards
Demand
Consumer sovereignty,
What is demand,
Law of demand
5  cards
Shifts in Demand
How and why does demand change,
Quantity demanded vs price,
Changes in any other variable
8  cards
Supply
What is supply,
What is the law of supply,
First factor affecting supply
10  cards
Price Mechanism
What is the price mechanism,
What is equilbrium
2  cards
Elasticity
What is price elasticity for demand,
What is calculating elasticity of...,
Question when the prices of cds i...
8  cards
Mechanical Energy
0  cards

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Unit 1 Economics: Markets and Models

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