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Economics- Micro

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

By: Sophie Smith
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Decks in this class (13)

Economic problem
What is scarcity,
What must a society decide scarcity,
What is opportunity cost
10  cards
The determinants of the demand for goods and services
What is demand,
What is the basic law of demand,
What is effective demand
15  cards
The determinants of the supply of goods and services
What is market supply,
If market price rises what happen...,
If market price falls what happen...
6  cards
The determination of market equilibrium and market prices
What is disequilibrium,
What is equilibrium,
What will an outward shift of dem...
10  cards
Price elasticity of demand
What is ped,
What is the calculation for ped,
What is perfectly inelastic demand
11  cards
Elasticity: Indirect taxes and subsidies
What is direct tax,
Examples of direct taxes,
What is an indirect tax
8  cards
Income elasticity of demand
What is income elasticity of dema...,
Equation for yed,
What is a normal good
8  cards
Cross elasticity of demand
Definition of cross elasticity of...,
Equation for calculating cross el...,
The value of xed for two substitu...
7  cards
Price Elasticity of Supply
What is pes,
Equation for pes,
Values of pes
5  cards
Market failure
What is market failure,
What is complete market failure a...,
What is partial market failure an...
12  cards
Negative externalities
What are externalities,
How do externalities cause market...,
What are private costs
14  cards
Positive externalities
When do positive externalities occur,
What do they create,
Forms of external benefits
8  cards
Merit and demerit goods
Define merit goods,
What externalities do merit goods...,
Can merit goods be rival excludab...
7  cards

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Economics- Micro

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