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Econ 101

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

By: Anijha Prakash
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Decks in this class (12)

Introduction
What is the definition of economics,
What is scarcity,
What is a reflection of scarcity
22  cards
Chapter 1 Reading
What is the definition of economi...,
What are incentives,
Testing
16  cards
Chapter 1 Reading Pt.2
What is the first principle of ec...,
What are tradeoffs,
What is opportunity cost
15  cards
Chapter 2 Reading
Wha are the three basic economic ...,
What is then answer to the questi...,
What does the word distribution r...
13  cards
Chapter 2 Reading pt.2
What is a production possibilitie...,
What is an opportunity cost,
2 000 backpacks must be given up ...
11  cards
Chapter 3
Why is our market economy called ...,
What is the willingness to pay wtp,
What is the law of demand
13  cards
Chapter 3 pt.2
What is supply,
What is the law of supply,
What does a supply curve show
7  cards
Production, Economic growth, and Trade
What is production,
What are the 4 factors of production,
Economists refer to the payment f...
16  cards
Supply and Demand
What is a market,
What is the price system,
What is a persons willingness to pay
24  cards
Markets And Government
What s consumer surplus,
What is producer surplus,
What is the total surplus
15  cards
Elasticity
What is elasticity,
When is a product considered to b...,
What is the formula for price ela...
23  cards
Monopoly
Why is google considered a monopoly,
What are the three characteristic...,
What s market power
5  cards

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Econ 101

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