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Microeconomics

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

By: Grace Houghton
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Decks in this class (15)

Introduction to micro
The economic problem,
Opportunity cost,
Factors of production
20  cards
PPF’s
Ppf,
Point inside a ppf,
Point on a ppf
9  cards
Economic Systems
Economic system,
Free markets,
Who decides what to produce in a ...
15  cards
Division of Labour
Division of labour,
Advantages of division of labour,
Disadvantages of division of labour
15  cards
Demand
Demand,
The law of demand,
Results of an increase in prices ...
19  cards
Supply
Supply,
Law of supply,
Movement along a supply curve
11  cards
Equlilibrium
Equilibrium,
Disequilibrium,
Market clearing price
8  cards
The market mechanism
The price market mechanism,
What did adam smith refer to the ...,
The three functions of the price ...
7  cards
Price elasticity
Price elasticity of demand,
Formula to calculate ped,
If ped 0
34  cards
Consumer and Producer surplus
Consumer surplus,
How is consumer surplus shown dia...,
Producer surplus
4  cards
Market failure
Types of market failure,
Three characteristics of public g...,
The free rider problem
52  cards
Government Intervention
Minimum price,
Maximum price,
Reasons for tax
27  cards
Diminishing/increasing returns
Increasing marginal returns,
Diminishing marginal returns,
Relationship between marginal and...
5  cards
Returns to scale
Returns to scale,
Increasing returns to scale,
Decreasing returns to scale
6  cards
Economies/Diseconomies of scale
Economies of scale,
Examples of internal economies of...,
Minimum efficient scale
10  cards

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Microeconomics

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