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MICRO ECONOMICS

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

By: alessia turner
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Decks in this class (21)

The Economic Problem
Micro economics,
Positive statements,
Normative statements
20  cards
Demands For Goods And Services
Demand,
Demand has to be effective,
Ceterus paribus
22  cards
Price Elasticity Of Demand
Price elasticity of demand,
Ped calculation,
Elasticity
21  cards
Income Elasticity Of Demand
Yed,
Yed calculation,
Normal goods
6  cards
Cross Elasticity Of Demand
Cross elasticity of demand xed,
Xed calculation,
Substitutes
10  cards
Supply
Law of supply,
Effect of price on supply,
Why does the supply curve slope u...
8  cards
Price Elasticity Of Supply
Pes,
Pes formula,
Positive or negative relationship
16  cards
Markets
The market equilibrium,
Equilibrium diagram,
Concept of the equilibrium price
14  cards
Consumer + Producer Surplus
Consumer surplus,
Consumer surplus diagram,
Changes in market price consumer ...
7  cards
Market Failure
Market failure,
Markets can fail for a lot of rea...,
Complete market failure
4  cards
Economic Efficiency
Economic efficiency,
Allocative efficiency,
Productive efficiency
5  cards
Negative Externalities In Consumption
Negative externalities,
Negative consumption externalitie...,
Example 9 marker
10  cards
Negative Externalities In Production
Negative production externalities,
Negative production externalities,
Private costs
5  cards
Postive Externalities
Positive externalities,
Positive externalities in consump...,
Positive externalities in production
6  cards
Merit And Demerit Goods
Merit goods,
Demerit goods,
Perceived benefits merit goods
8  cards
Indirect Taxes
Indirect tax,
Why impose indirect taxes micro,
Why impose indirect taxes macro
14  cards
Subsidies
Subsidy,
Examples of subsidies,
Justifications for subsidies for ...
7  cards
Solutions To Negative Externalities
Solving market failure mic,
Market solution internalising the...,
Advantages disadvantages of pollu...
9  cards
Public Goods
Characteristics of public goods,
Non excludable q,
Non rival
10  cards
Price Mechanism
What is the price mechanism,
Changes in market prices,
Signalling function
10  cards
Monopolies
Pure monopolist,
Working monopoly,
Oligopoly
10  cards

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MICRO ECONOMICS

  • Class purpose General learning

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