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Micro Economics

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

By: Brijan Pacash
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Decks in this class (15)

Economics 101
Positive statement,
Normative statement,
Wants and needs
7  cards
Factors Of Production
Llce,
Land,
Labour
7  cards
PPF
Ppf,
Opportunity cost,
What does a ppf show
5  cards
Demand
A contraction of demand,
A extension of demand,
When is there a movement along th...
15  cards
Supply
Supply,
Which way does a supply graph go,
Factors that affect supply
3  cards
Economic Problem
What is an economic good,
What is the central purpose of ec...,
Why is choice a necessary part of...
4  cards
Equilibrium
Equilibrium,
What happens when there is an inc...,
What happens when there is an inc...
5  cards
Functions Of The Price Mechanism
When does rationing function occur,
When does incentive function occur
2  cards
Consumer Surplus And Producer Surplus
Consumer surplus,
Producer surplus,
Derived demand
3  cards
Price Elasticity Of Demand(PED)
Ped,
Price elastic,
Price inelastic
7  cards
Price Elasticity + Revenue
Perfectly price inelastic demand,
Perfectly price elastic demand,
Relatively price inelastic demand
4  cards
Price Elasticity Of Supply(PES)
Pes,
Formula,
Values
4  cards
Income Elasticity Of Demand(YED)
Yed,
Formula,
Values
5  cards
Cross Price Elasticity Of Demand
Ced xed,
Formula,
Values
5  cards
Incidence Of Tax
Who pays tax to the government,
The size of tax is the,
Whatever the price goes up by pay...
4  cards

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Micro Economics

  • Class purpose General learning

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