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Introduction to markets and market failure

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

By: Adam Morris
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Decks in this class (21)

Unit 1
Explain the meaning of ceteris pa...,
What is normative economics,
What is positive economics
9  cards
Unit 2
Define base period,
What is an index number,
What is a nominal value
4  cards
Unit 3
Explain the basic economic problem,
Define capitalgive examples,
Define economic choice
21  cards
Unit 4
Define capital goods,
What are consumer goods,
Define margin
6  cards
Unit 5
Define barter,
Define capital productivity,
What is division of labour
22  cards
Unit 6
What is a command or centrally pl...,
What is an economic system,
What is a free market economy or ...
4  cards
Unit 7
Define economic welfare,
Define microeconomics,
Define macroeconomics
5  cards
Unit 8
What are the conditions of demand,
Define consumer surplus,
What is a contraction of demand h...
8  cards
Unit 9
Define elastic demand,
When is demand perfectly elastic,
Define inelastic demand
8  cards
Unit 10
What is a complement good give an...,
Define cross price elasticity of ...,
Define income elasticity of deman...
6  cards
Unit 11
What are the conditions of supply,
Define the economic long run,
What is price elasticity of suppl...
6  cards
Unit 12
Define equilibrium price,
What is excess demand,
What is excess supply
5  cards
Unit 13
What is the incentive function of...,
What is the rationing function of...,
What is the signalling function o...
3  cards
Unit 14
What is an ad valorem tax,
What is the incidence of tax,
What is a specific or unit tax
4  cards
Unit 15
0  cards
Unit 16
What is complete market failure,
Define market failure,
What is a missing market
4  cards
Unit 17
Define consumption externalities ...,
What is an externality when does ...,
Define marginal social and privat...
6  cards
Unit 18
What is a free rider,
Define non excludability,
Define non rejectability
7  cards
Unit 19
Define asymmetric information,
Define imperfect information,
Define information failure
5  cards
Unit 20
What are cap and trade schemes,
What is a trade pollution permit ...
2  cards
Unit 21
Define government failure,
What is public choice theory,
Define rent seeking
3  cards

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Introduction to markets and market failure

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