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ECON 101

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

By: Tracy Zhao
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Decks in this class (14)

ECON 101 - chp. 1
Define economics,
Define scarcity,
Why and how do we make choices
75  cards
ECON 101 - Chp. 2
Define the production possibiliti...,
What limits the production possib...,
How does ppf isslustrate scarcity
57  cards
Econ 101 Chp 3
When did economics start,
Who amde economics a scienec,
What causes the differences in we...
68  cards
Econ 101 - chp 4
Define the price,
What s the formula to caluclting ...,
Why do we use the average price a...
39  cards
ECON 101 - Chp 5
What are the 8 alternative method...,
How does the market price allocat...,
How does the command allocate res...
45  cards
ECON 101 - Chp 6
Define a price ceilling cap,
What s the effect of a price ceil...,
Define a rent ceiling it s effects
44  cards
ECON 101 - Chp 7
Define imports,
Define exports,
What drives international trade
58  cards
ECON 101 - Chp 8 - Utility + Demand
Define utility,
What influences consumption choices,
Define consumption possibilities
45  cards
ECON 101 Chp 9 - Possibilities, Preferences and Choices
Divisible vs indivisible goods,
What assumption do we hold about ...,
Define real income
29  cards
ECON 101 Chp 10 - Output + cost
Define firm,
What s the goal of a firm,
Define depreciation
88  cards
econ 101 - Chp 11: Perfect Competition
What are the characteristics of p...,
How does perfect competition arise,
Define a price taker
64  cards
econ 101 chp 12: monopoly
Define a monopoly,
What are the 2 key reasons for th...,
How does technological change aff...
96  cards
Chp 13 - monopolistic competition
What is a monopolistic competition,
What s the 3 implications for eac...,
Define product differentiation
42  cards
ECON 101: Chp 14 - oligopoly
Describe an oligopoly,
An oligopoly is a market structur...,
Define a duopoly
39  cards

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ECON 101

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