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Economics AS (Microeconomics)

This class was created by Brainscape user Lucas Kantaris-Diaz. Visit their profile to learn more about the creator.

By: Lucas Kantaris-Diaz
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Decks in this class (9)

Microeconomics: Key terms and definitions to memorise
Arithmetic mean,
Weighted average,
Time series
116  cards
Economic Problem, FoP, Specialisation, Opportunity cost, PPC, Martkets
Define the economic problem,
Define opportunity cost,
What are the 4 factors of production
20  cards
Demand And Consumer Surlplus
What is the equilibrium price,
What is consumer surplus,
What is producer surplus
10  cards
Elasticities of demand
Define price elasticity of demand,
What is the formula for ped,
What s on the bottom and why
23  cards
Supply and Producer Surplus
Define supply,
Determinants of supply,
Changes in the price lead to song
8  cards
Elasticity of Supply
Define price elasticity of supply,
What is the pes formula,
When is pes elastic
8  cards
Market Faliure, Efficiencies, Externalities, Merit/Demerit goods, Information faliure
What are two main types of effici...,
When is productive efficiency ach...,
Where is productive efficiency on...
51  cards
Government Intervention to Correct Market Faliure
What are the main forms of govern...,
Define indirect taxation,
Market failures corrected by indi...
36  cards
GOOD microeconomic definintions
Define the economic problem,
Define opportunity cost,
Define specialisation
42  cards

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Economics AS (Microeconomics)

  • Class purpose General learning

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