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Omar o
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Decks in this class (16)
Economics as a Social Science
Nature of economics,
Ceteris paribus,
Positive statement
35
cards
Demand
Demand,
Demand curve,
Contraction in demand
8
cards
PED
Price elasticity of demand ped,
Elastic demand ped,
Inelastic demand ped
10
cards
Diagrams
Unitary elastic demand curve,
Draw a diagram to show how the fu...,
Minimum price
8
cards
YED
Yed,
Yed equation definition,
Normal goods yed
6
cards
XED
Cross elasticity of demand,
Complements or complementary goods,
Substitutes or substitute goods
4
cards
Supply
Supply,
Contraction in supply,
Extension in supply
4
cards
PES
Price elasticity of supply pes,
Elastic supply,
Inelastic supply
10
cards
Price Determination
Equilibrium,
Excess supply or surplus,
Excess demand or shortage
7
cards
Consumer and Producer Surplus
Diminishing marginal utility,
Marginal utility,
Consumer surplus
8
cards
Negative Externalities
Private costs,
Negative externalities or externa...,
Socially efficient equilibrium
8
cards
Positive Externalities
Private benefits,
Positive externalities or externa...,
Positive consumption externalitie...
4
cards
Public Goods
We know that public goods suffer ...,
The free rider problem leads to,
Public goods
5
cards
Information Gaps
Information gaps,
Incomplete information,
Asymmetric information
4
cards
Types of Government failure
Law of unintended consequences,
Administration costs,
Information gaps
4
cards
Economic Systems and thinkers
We already know that adam smith c...,
As consumers bid up the price the...,
Free market economy
8
cards
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Micro Econ 1
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