1
Q
What is Equilibrium?
A
Is were demand equals supply, at this point all products that are supplied onto the market will be purchased.
2
Q
What is it called when supply exceeds demand?
A
Surplus - Market is flooded
3
Q
What happens to price when there is surplus in market?
A
Price falls to get rid of excess product.
4
Q
What is it called when demand exceeds supply?
A
Shortage
5
Q
What happens to price when a market is in a shortage?
A
Prices will rise in order to meet equilibrium.
Economics - Micro
flashcards
Decks in class (32)
# Cards
-
Basic Economic Problem13
-
1:4:1 Government Failure65
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1:3:1 - Market Failure104
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1:2:1 How Markets Work (2)87
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1:2:1 - How Markets Work178
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Market Failure1
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1:1:1 (Green & White Book) - Nature of Economics117
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All Of Microeconomics PiXL123
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Elasticity43
-
Rational Decision Making4
-
Marginal Utility Theory6
-
Positive & Normative Economics10
-
The Supply & Demand Curve19
-
Equilibrium Position5
-
Consumer & Producer Surplus8
-
Demand11
-
Economies of Scale12
-
Market Equilibrium11
-
Production Possibility Frontier11
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Positive and Normative Statements8
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Buffer Stocks11
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Oppertunity Cost8
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Specialisation and the Division of Labour8
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Positive Externalities - Market Failure16
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Negative Externalities11
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Merit & Demerit Goods11
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Public Goods10
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Flat Tax5
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Government Failure10
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Supply Curve9
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Equilibrium Position0
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How Markets Work21
