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Microeconomics

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

By: Jonathan Brook
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Decks in this class (7)

Elasticity
What is the relationship between ...,
Define income elasticity of demand,
Define cross price elasticity of ...
8  cards
The Economic Problem
What is the economic problem,
What is a market mechanism,
Define opportunity cost
5  cards
Supply and Demand
What are economic substitutes,
What are economic complements,
Identify what causes a movement a...
8  cards
Consumer and Producer Surplus
Define producer surplus,
Define consumer surplus,
Draw a diagram that shows consume...
4  cards
Externalities
If social benefits are greater th...,
What is an externality,
What is a demerit good
5  cards
Public Goods
What is meant by non rivalrous,
What are the characteristics of a...,
What is meant by non excludability
5  cards
Solutions to Market Failure
What problem does the government ...,
Name the two organisations respon...
2  cards

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Microeconomics

  • Class purpose General learning

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