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Y1F ECON 1000

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

By: Fuzzy Hamsters
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Decks in this class (14)

Economic formulas
Opportunity cost ratio,
2  cards
1.1: Definition of Economics
Scarcity,
Limitations in economics,
Incentives
6  cards
1.2: Two Big Economic Questions
What are goods and services a obj...,
Which of the following is a facto...,
How is land defined as a factor o...
49  cards
1.3: The Economic Way of Thinking
Six key ideas that define the eco...,
Explain how a choice is a tradeoff,
What is a rational choice
18  cards
1.4: Economics as Social Science and Policy Tool
What is a positive statement,
How do you test a positive statement,
What s a normative statement
8  cards
1.5: Economists in the Economy
Jobs of economics majors can gene...,
A market research analyst works w...,
A financial analyst studies trend...
6  cards
3.1: Markets and Prices
What is a market,
What are the three varieties of m...,
Competitive market definition
8  cards
3.2: Demand
3 criteria for if you demand some...,
What are wants,
Is quantity demanded the same as ...
27  cards
3.3: Supply
If a firm supplies a good or serv...,
What constraints limit what is po...,
Why does supply reflect a decisio...
26  cards
3.4: Market Equilibrium
What is equilibrium,
When does equilibrium in a market...,
Market moves toward its equilibri...
8  cards
3.5: Predicting Changes in Price and Quantity
When demand increases what happen...,
When demand decreases what happen...,
When supply increases what happen...
8  cards
4.1-4.2: Price elasticity of demand & more elasticities of demand
Responsiveness of the quantity de...,
Define price elasticity of demand,
Define elasticity
29  cards
4.3: Elasticity of Supply
0  cards
10: Output and Costs
Why do accountants measure a firm...,
2  cards

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Y1F ECON 1000

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