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Economics course vol 2: Scarcity, choice, opportunity cost

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

By: j l
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Decks in this class (14)

Theory of demand
Define demand,
Define quantity demanded,
Law of demand
24  cards
Theory of supply
Define supply,
Define quantity supplied,
Define law of supply
24  cards
Core Problems in Macroeconomics
Central problems of economics,
Define scarcity,
Limited resources
22  cards
PPC curve
What production possibility curve...,
Define ppc,
Assumptions
15  cards
Market system
Free market economy,
Key features of free market economy,
Private ownership of fop
6  cards
Market equilibrium
Define market eqm,
What each curve represents dd and ss,
Define eqm price
10  cards
PED
Define ped price elasticity of de...,
Measurement,
Sign of ped
15  cards
Applications of PED
Total expenditure total revenue,
Price elastic demand,
Price inelastic demand
13  cards
YED
Define income elasticity of deman...,
Measurement of yed,
Positive yed sign
11  cards
Application of YED
Producers,
Producers income increase demand ...,
Producers income increase demand ...
4  cards
PES
Define price elasticity of supply,
Measurement of pes,
Sign of pes
8  cards
Factors affecting PES
Factors 1,
Time period,
Market period time period
10  cards
Price ceiling
Define price ceiling,
Objectives of price ceiling,
Example keeping essential goods a...
10  cards
Price floor
Define price floor,
Objectives of price floor,
Effects of price floor
13  cards

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Economics course vol 2: Scarcity, choice, opportunity cost

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