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

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ECON 101 - DONE

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