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Micro Eco Year 1

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

By: Henry Russell
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Decks in this class (8)

Demand
Define demand,
What is a contraction in demand,
What is an extension in demand
37  cards
The Economic Problem
Define the economic problem,
Define opportunity cost,
Define positive statement
15  cards
Supply
Define supply,
Why does supply slope upwards,
Pes definition
30  cards
Price Mechanism
Price mechanism definition,
An increase in price causes a ___...,
An increase in price causes a ___...
13  cards
Consumer And Producer Surplus
Demand curve what other curve,
What is marginal benefit,
What is marginal utility
10  cards
Tax And Subsidies
Direct tax,
Indirect tax,
What does a tax shift
16  cards
Market Failure: Externalities
What is market failure,
What are the 4 main market failures,
Define negative externality
18  cards
Market Failures: Public Goods, Information Gaps, Pollution Permits
What system is used for pollution...,
How does the cap and trade system...
2  cards

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Micro Eco Year 1

  • Class purpose General learning

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