1
Q
What is an opportunity cost?
A
Opportunity cost is the benefit given up of the next best alternative
2
Q
What is an economy?
A
An economy is any system that tries to solve the economic problem
Micro
flashcards
Decks in class (50)
# Cards
-
MONOPOLY27
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Economic Methodology6
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Positive And Normative Statements2
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The Economic Problem2
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PPF4
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Introduction To Demand4
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PED12
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Shifts In Demand6
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Income Elasticity Of Demand7
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Cross Elasticity Of Demand5
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Introduction To Supply6
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Price Elasticity Of Supply PES26
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Shifts In Supply2
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Market Failure Introduction2
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Negative Externalities29
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Positive Externalities10
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Market Structures Introduction2
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Perfect Competition10
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Specialisation And Division Of Labour And Exchange13
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Types Of Government Failure10
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Partial Vs Complete Market Failure7
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Factor Immobility6
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Public Goods12
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Supply And Demand Shifts2
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Inequitable Distribution7
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Market Interrelationship7
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Consumer Behaviour16
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Information Gaps6
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Consumer And Producer Surplus8
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Change In Consumer And Producer Surplus2
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Merit And Demerit Goods4
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Monopoly Power4
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Revenue15
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Costs29
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Profit4
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Types Of Efficiency8
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Business Objectives5
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Business Growth5
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Contestability5
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Monopolestic Competition2
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Technological Change5
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Regulation And Competition Policy29
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Oligopoly16
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Wage Discrimination2
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Labour Market Introduction3
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Labour Market Elasticities12
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Labour Market Shifts6
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Monopsony9
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Poverty7
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Inequality11
