1.2 - How markets work

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

Decks in this class (14)

1.2.1 Rational Decision Making
Explain the neo classical theory,
Define rationality acting in a ra...,
Define utility
10  cards
1.2.2 Demand
Define demand,
Basic law of demand,
Define extension of demand
27  cards
1.2.3 - Price Elasticity of Demand
Define elasticity,
Define price elasticity of demand...,
Ped formula
19  cards
1.2.3 - Income Elasticity of Demand
Define income elasticity of deman...,
Equation for income elasticity of...,
Name two types of goods
15  cards
1.2.3 - Cross Elasticity of Demand
Define cross elasticity of demand...,
Equation for cross elasticity of ...,
Define substitute goods
5  cards
1.2.4 - Supply
Define supply,
What causes movement along the su...,
How does price cause movement alo...
17  cards
1.2.5 - Elasticity of supply
Define price elasticity of supply...,
Is pes always a positive number i...,
Name the determinants of price el...
11  cards
1.2.3 , 1.2.5 - Elasticities Limitations for Business Decision Making
Name the elasticities with busine...,
Name three three criticisms disad...,
Explain elasticities are only est...
5  cards
1.2.6 - Price Determination
Define market,
Define equilibrium,
Another name for equilibrium
11  cards
1.2.7 - Price Mechanism
Define price mechanism,
Name the four function of price m...,
Explain rationing function
12  cards
1.2.8 - Consumer and producer surplus
Define consumer surplus,
Define producer surplus,
Define society surplus
4  cards
1.2.9 - Indirect Taxes
Name two types of taxes,
Name two types of indirect taxes,
Define direct tax
21  cards
1.2.9 Subsidies
Define subsidy,
Examples of subsidies,
Justifications for subsidies for ...
6  cards
1.2.10 - Alternative views of Consumer Behaviour
What do neo classical economics a...,
Reasons why consumers may not beh...,
Define irrational
6  cards

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1.2 - How markets work

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