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Economics (Exam Revision)

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

By: Vaishnavi Dixit
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Decks in this class (11)

Economic Growth Chapter 25 (Exam Revision)
Definition of budget deficit,
What are the macroeconomic object...,
Definition of economic growth
6  cards
1 Economic Problem
Define basic economic problem,
Define scarce resources,
Define opportunity cost
5  cards
2 Economic Assumption
Define revenue,
Why do consumers not maximise ben...,
Why do producers not maximise ben...
4  cards
3 Demand Curve
Define effective demand,
A shift in the demand curve,
Factors that affect the demand curve
6  cards
4 Supply Curve
What happens if there is a rise i...,
What happens if supply is fixed,
Factors that affect the supply curve
6  cards
5 Market Equilibrium
Define equilibrium price,
Define market clearing price,
Define total revenue and formula
3  cards
6 Price Elasticity of Demand
Define ped,
Define inelastic demand,
Defien elastic demand
10  cards
7 Income elasticity
Formula for income elasticity,
What factors do you use to calcul...,
Define discretionary expedentiure
7  cards
8 Externalities
Define external costs,
Defien external benifits,
Define private costs
5  cards
9 Production and Division of labour
Define piece rate,
Define the division of labour,
Define specialization
9  cards
10 Economies and diseconmies of scale
Define diseconomies of scale,
Define economies of scale,
What are the internal economies o...
4  cards

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Economics (Exam Revision)

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