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Unknown Unknown
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Decks in this class (20)
Topic 1- Ten Principles of Economics
Economics 1,
Scarcity 2,
Why do we make choices 3
43
cards
Topic 2- Thinking Like an Economist
The scientifice method 1,
How do economists gather data and...,
How easy is it to conduct experim...
34
cards
Topic 3- Comparative Advantage and Trade
Who can trade help 1,
Absolute advantage 2,
Comparative advantage 3
10
cards
Topic 4: Supply and Demand
Market 1,
Roles in the market 2,
Examples of market 3
18
cards
Topic 4.2 Supply
Market supply 1,
Define supply 3 2,
Define quantitiy supplied 3
17
cards
Top 4.3 Supply AND Demand
Shortage 1,
Surplus 2,
Equilibrium 3
20
cards
final economics notes midterm 1
Productive efficiency 1,
Allocative efficiency 2,
Positive analysis normative analy...
11
cards
Topic 5: Elasticity and its' applications
What is the price elasticity of d...,
But why do we need to consider th...,
Elastic demand 3
46
cards
Topic 6- Government Policies
Why are price controls engaged in...,
Two types of price controls 2,
Why do buyers and sellers have co...
38
cards
Topic 7- The Efficiency of Competitive Markets
Positive analysis vs normative an...,
What is absolutely amazing about ...,
Consumer surplus 3
47
cards
Topic 8- The costs of taxation
Why do we need taxes 1,
Recall when a tax is levied on bu...,
Recall when a tax is levied on se...
31
cards
Topic 9- International Trade
Total trade measure 1,
Gdp 2,
What happens to supply and demand...
45
cards
Topic 10- Externalities
Externalities 1,
What do externalities do to the m...,
How are externalities addressed 3
47
cards
Topic 11- Public Choices and Public Goods
Public choice 1,
Role of governments 2,
Government failure 3
37
cards
Midterm 2 Final Review
What is a substitute in production 1,
What is the deadweight loss from ...,
What are complements in production 3
14
cards
Topic 12- The Costs of Production
What are the inputs used in firm ...,
How do firms turn inputs into out...,
Production function 3
56
cards
Topic 13- Firms in Competitive Markets
Competitive market 1,
Who are price takers 2,
Assumptions we make about competi...
54
cards
Topic 14
Monopoly 2 features 1,
Why is a monopoly not possible if...,
What are the three types of barri...
33
cards
Topic 15- Oligopoly
Key features of oligopoly 1,
Who is the suppliers in oligopoly 2,
How do you know if it is a monopo...
29
cards
Topic 16- Markets for Factors of Production
Factors of production 1,
Purchase price rental price 2,
Labour services 3
34
cards
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Econ
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