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economics; theme 1

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

By: Libby Goodall
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Decks in this class (6)

scarcity, choice and potential conflicts
What is the basic economic problem,
Define scarcity,
Define opportunity cost
9  cards
enterprise, business and the economy
What is the main incentive for en...,
How do entrepreneurs make a profit,
Recall two non financial motives ...
10  cards
introducing the market
Define effective demandindividual...,
How do prices affect the demand s...,
What affects demand
27  cards
role of credit in the economy
How do banks encourage discourage...,
What is a bank s main source of p...,
What is the role of a central bank
19  cards
market failure and government intervention
What do private costs determine a...,
What is the equation for the tota...,
How could you calculate the exter...
17  cards
revenue, costs, profits and cash
Give the equation for total reven...,
Define marginal revenue and recal...,
What are the two different types ...
16  cards

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economics; theme 1

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