This class was created by Brainscape user Sam Jonsson. Visit their profile to learn more about the creator.
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Sam Jonsson
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Decks in this class (14)
1.1 Scarcity, choice and opportunity cost
What is the basic economic problem,
What is a need,
What is a want
14
cards
1.2 Economic methodology
Why is economics considered a soc...,
What are the two types of economi...,
What is the a positive statement
10
cards
1.3 Factors of production
What are the 4 factors of production,
What is the definition of land,
What is the definition of labour
20
cards
1.4 Resource allocation in different economic systems
What is a economic system,
What is the function of an econom...,
What are the three basic economic...
18
cards
1.5 Production possibility curves
What does it mean if the point is...,
What does it mean if the point is...,
What does it mean if the point is...
18
cards
1.6 Classification of goods and services
Is there market failure within a ...,
Why is there market failure in a ...,
What is market failure
16
cards
2.1 Demand And Supply Curves
What s the definition of notional...,
What s the definition of effectiv...,
What s the definition for demand
8
cards
2.2 Price Elasticity, Income Elasticity, and Cross Elasticity of Demand
What s the definition of ped,
How do you calculate ped,
What does it mean if a good is pr...
23
cards
2.3 Price Elasticity of Supply
What s the definition of ped,
What s the formula for pes,
What does it mean if the pes valu...
16
cards
2.4 The interactions of demand and supply
What is the meaning of market equ...,
What is the meaning of market dis...,
What can cause a movement along t...
11
cards
2.5 Consumer and producer surplus
What is a consumer surplus,
What is a producer surplus,
If market price increase what hap...
10
cards
3.1 Reasons for government intervention in markets
What are the main reasons governm...,
What are the methods of governmen...,
What is a tax
11
cards
3.2 Methods and effects of government intervention in markets
0
cards
3.3 Addressing the income and wealth inequality
0
cards
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Micro Economics
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