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ECON1101 Mid Sem

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

By: Keeley McGee
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Decks in this class (13)

Topic 1: The Economic Problem and Lessons from Micro Economics
Define economics,
Define scarcity,
What does an efficient allocation...
18  cards
Topic 2: Demand and Shifts in the Demand Curve
Define law of demand,
Define demand,
Whats a demand schedule
20  cards
Topic 2: Supply and Shifts in the Supply Curve
Explain law of supply,
Define supply,
What explain the law of supply wh...
8  cards
Topic 2: Equilibrium
What is equilbiurm also known as,
What occurs when market is above ...,
Explain the natural movement back...
5  cards
Topic 2: Changes to Demand and Supply
What are the three steps when ana...,
In step 3 when comparing new and ...,
What occurs equilibrium price and...
10  cards
Topic 2: Consumer and Producer Surplus
Define willingness to pay,
What is consumer surplus equation...,
What is producer surplus equation...
7  cards
Topic 2: International Trade
If wp dp,
If wp dp,
What letters are on a trade graph...
13  cards
Topic 3: Price Elasticity of Demand
What is price elasticity of demand,
Explain when demand is elastic,
Explain when demand is inelastic
33  cards
Topic 4: Price Control
What is a price ceiling who does ...,
What is a price floor who does it...,
What are the two possible outcome...
7  cards
Topic 4: Taxes and Subsidies
Formula for tax revenue,
What are the three steps in worki...,
Where does the tax incidence or b...
5  cards
Topic 5: Market Failures- Externalities
Define externalities,
Explain private and social costs,
Explain private and social benefit
11  cards
Topic 5: Public Goods
Explain rival in consumption,
Explain excludable,
Which goods are related to extern...
6  cards
Topic 5: Solutions to Externalities
Explain coase theorem,
What are the two government solut...,
Explain command and control
7  cards

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ECON1101 Mid Sem

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