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Economics 1.2 - How markets work

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

By: Bethany Demenis
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Decks in this class (10)

1.2 How markets work - Basic Concepts + definitions
Utility,
Diminishing marginal utility,
Demand
23  cards
1.2.2 - demand
What is effective demand,
What is utility,
What is marginal utility
20  cards
1.2.4 - supply
What is the law of supply,
Why do supply curves slope upwards,
What causes a movement along a su...
15  cards
1.2.6 - price determination
Where does equilibrium occur on a...,
What happens if supply is greater...,
What happens when demand is great...
8  cards
1.2.8 - consumer and producer surplus
What is consumer surplus,
What is producer surplus,
Where is consumer surplus found o...
4  cards
1.2.3 - price, income and cross elasticities of demand
How do you calculate ped,
What is ped,
Why is ped almost always negative
31  cards
1.2.5 - elasticity of supply
How do you calculate pes,
Why is pes always positive,
What is pes
16  cards
1.2.9 - indirect taxes and subsidies
What is a tax,
What are nics,
What is income tax
13  cards
1.2.1 and 1.2.10 - rational decision making and consumer behaviour
What is rationality,
What is homo economicus,
What is the price mechanism
14  cards
1.2.7 - the price mechanism
What are the 3 functions of the m...,
What is the rationing function,
What is the signalling function
4  cards

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Economics 1.2 - How markets work

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