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ECON 101

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

By: Martina Maslovski
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Decks in this class (18)

Chapter 1 - Ten Principles of Economics
Scarcity,
What is the largest cost of atten...,
Opportunity cost
20  cards
Chapter 2 - Thinking Like an Economist
The role of assumption,
Circular flow diagram,
Goods and service market
14  cards
Chapter 3 - Interdependence and the Gains from Trade
Absolute advantage,
Whats the difference between ca a...
2  cards
Chapter 4 - The Market Forces of Supply and Demand
What is a market,
Competitive market,
Perfectly competitive market
31  cards
Chapter 5 - Elasticity and Its Application
Elasticity,
Availability of close substitutes...,
Necessities versus luxury
17  cards
Chapter 6 - Supply, Demand, and Government Policies
Price ceiling,
Price floor,
Not binding
17  cards
Chapter 7 - Consumers, Producers, and the Efficiency of Markets
Welfare economics,
Buyers maximum,
Consumer surplus
8  cards
Chapter 8 - Application: The Costs of Taxation
Deadweight loss and market distor...,
Tax revenue,
Total surplus and deadweight loss
5  cards
Chapter 9 - Application: International Trade
Prices,
Tariffs for imports,
Add more
3  cards
Chapter 10 - Externalities
Externality,
Internalizing the externality,
Positive and negative externalities
6  cards
Chapter 11 - Public Goods and Common Resources
Excludability,
Rivalry in consumption,
Private goods
9  cards
Chapter 13 - The Costs of Production
Profit,
Explicit cost,
Implicit cost
25  cards
Chapter 14 - Firms in Competitive Markets
Competitive market,
Firm s total revenue,
Average revenue
14  cards
Chapter 15 - Monopoly
Monopoly,
Barriers to entry,
Monopoly resources
21  cards
Chapter 16 - Monopolistic Competition
Perfect competition,
Monopoly,
Imperfect competitions oligopoly
12  cards
Chapter 17 - Oligopoly
Duopoly,
Collusion,
Cartel
6  cards
Chapter 18 - The Market for the Factors of Production
Factors of production,
Derived demand,
Value of the marginal product
6  cards
Formulas
Profit maximization labour,
Percent change formula,
Price elasticity of demand
18  cards

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ECON 101

  • Class purpose General learning

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