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ECON 101 - DONE

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

By: Caitlin Roberts
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Decks in this class (17)

Chapter 1: Ten Principles of Economics
Define scarcity 1,
Define economics 2,
Define efficiency 3
18  cards
Chapter 2: Thinking Like and Economist
Define circular flow diagram 1,
Define production possibilities f...,
Define microeconomics 3
6  cards
Chapter 3: Interdependence and the Gains from Trade
Define absolute advantage 1,
Define opportunity cost 2,
Define comparative advantage 3
9  cards
Chapter 4: The Market Forces of Supply and Demand
How do you describe a shift in th...,
Define market 2,
Define competitive market 3
27  cards
Chapter 5: Elasticity and its Application
Define elasticity 1,
Define price elasticity of demand 2,
Define total revenue in a market 3
14  cards
Chapter 6: Supply, Demand, and Government Policies
Define price ceiling 1,
Define price floor 2,
Define tax incidence 3
7  cards
Chapter 7: Consumers, Producers, and the Efficiency of Markets
Define welfare economics 1,
Define willingness to pay 2,
Define consumer surplus 3
9  cards
Chapter 8: Application: The Costs of Taxation
Define deadweight loss 1,
A tax on a good __ the welfare of...,
Why do taxes have deadweight loss...
5  cards
Chapter 9: Application: International Trade
Define world price 1,
Define tariff 2,
The effects of free trade can be ...
6  cards
Chapter 10: Externalities
Define externality 1,
Define internalizing the external...,
Define corrective taxes 3
8  cards
Chapter 11: Public Goods and Common Resources
Define excludability 1,
Define rival in consumption 2,
Define private goods 3
13  cards
Chapter 13: The Costs of Production
Define total revenue for a firm 1,
Define total cost 2,
Define profit 3
25  cards
Chapter 14: Firms in Competitive Markets
Define competitive market 1,
Define average revenue 2,
Define marginal revenue 3
14  cards
Chapter 15: Monopoly
Define monopoly 1,
Define natural monopoly 2,
Define price discrimination 3
13  cards
Chapter 16: Monopolistic Competition
Define oligopoly 1,
Define monopolistic competition 2,
What are the 3 attributes that ch...
11  cards
Chapter 17: Oligopoly
Define oligopoly 1,
Define game theory 2,
Define collusion 3
12  cards
Chapter 18: The Markets for the Factors of Production
Define factors of production 1,
Define production function 2,
Define marginal product of labour 3
17  cards

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ECON 101 - DONE

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