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Microeconomics

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

By: Chelsea Breton
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Decks in this class (18)

Chapter 1: The economic problem and opportunity cost
What is the basic economic proble...,
Define scarcity,
What s the difference between wan...
54  cards
Chapter 2: The allocation of resources, specialisation and trade
Why are choices complicated,
Define resource allocation,
What can the way in which resourc...
42  cards
Chapter 3: Demand
Define demand,
Name 4 influences on demand,
What can market demand be seen as
27  cards
Chapter 4: Supply
Define sole trader,
Define partnership,
What s one of the main difference...
18  cards
Chapter 5: The interaction of markets
Define market equilibrium,
Define excess supply,
Draw a diagram illustrating both ...
15  cards
Chapter 6: Elasticity
Define elasticity,
Define price elasticity of demand...,
What s the formula for ped
62  cards
Chapter 7: Prices, resource allocation and concept of the margin
Define the marginal principle,
Define rational decision making,
What s an important element in ma...
28  cards
Chapter 8: Market failure and externalities
Define market failure,
Define marginal social benefit msb,
Define marginal social cost msc
40  cards
Chapter 9: Market failure: information failure and public goods
Define asymmetric information,
Give 5 examples of asymmetric inf...,
Draw a diagram illustrating infor...
18  cards
Chapter 10: Government intervention and government failure
When do markets fail,
When may market failure occur,
What is market failure often view...
53  cards
Chapter 11: Costs, economies of scale, revenue and profit
Define firm,
Describe firms,
Define short run
39  cards
Chapter 12: Objectives of business
Define principal agent problem,
Define x inefficiency,
Define bounded rationality
21  cards
Chapter 13: Market structure: perfect competition
Define market structure,
Define barriers to entry,
Define perfect competition
17  cards
Chapter 14: Market structure: monopoly
Define monopoly,
Define price maker,
Define dynamic efficiency
33  cards
Chapter 15: Market structures: monopolistic competition, oligopoly and contestable markets
Define monopolistic competition,
Define product differentiation,
Define oligopoly
10  cards
Chapter 16: The demand for labour
Define derived demand,
Define marginal revenue product f...,
Define marginal revenue product t...
5  cards
Chapter 17: the supply of labour
Define non pecuniary benefits,
Define transfer earning,
Define economic rent
3  cards
Chapter 18: the interaction of labour markets
Define monopsony,
Define trade union,
Define bilateral monopoly
3  cards

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Microeconomics

  • Class purpose General learning

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