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How Markets Work - Theme 1 Topic 2

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

By: Yukta HARISH
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Decks in this class (10)

Rational Decision-Making,
What does rational mean,
How are all of the economic agent...,
Why is the assumption of rational...
3  cards
Demand
What is demand,
What is effective demand,
Describe movements along a demand...
16  cards
Price Income, And Cost Elasticities Of Demand
What does the law of demand state,
What is price elasticity of demand,
How do you calculate ped
18  cards
Supply
What is supply,
Describe the supply curve,
How would you analyse a supply curve
9  cards
Elasticity Of Supply
What does the law of supply state,
What is pes,
How do you calculate pes
8  cards
Price Determination
Describe price determination in a...,
What is consumer sovereignty,
What is equilibrium in a market
13  cards
Price Mechanism
What is the price mechanism,
What are the three functions of t...,
What is the rationing function
9  cards
Producer And Consumer Surplus
What is consumer surplus,
What is producer surplus,
Describe a market diagram illustr...
5  cards
Indirect Taxes And Subsidies
What is indirect tax,
What are the two types of indirec...,
Describe a diagram that demonstra...
7  cards
Alternative View Of Consumer Behaviour
What does rational mean in classi...,
Why is the assumption of rational...,
What are ways that peoples behavi...
7  cards

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How Markets Work - Theme 1 Topic 2

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