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Principles of Micro Econ

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

By: Audrey Brabson
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Decks in this class (13)

Chapter 1: Five Foundations of Economics
Refers to the limited nature of s...,
Study of how individuals and soci...,
Study of the individual units tha...
18  cards
Chapter 2: Model Building and Gains from Trade
Can be tested and validated it de...,
An opinion that cannot be tested ...,
Means other things being equal or...
14  cards
Chapter 3: The Market at Work: Supply and Demand
Resources are allocated among hou...,
Phrase coined by adam smith to re...,
Exists when there are so many buy...
29  cards
Chapter 4: Elasticity
Measure of the responsiveness of ...,
Measures the responsiveness of qu...,
There is no time for consumers to...
9  cards
Chapter 5: Market Outcomes and Tax Incidence
The branch of economics that stud...,
The maximum price a consumer will...,
The difference between the willin...
11  cards
Chapter 6: Price Controls
Attempt to set prices through gov...,
Legally established maximum price...,
Illegal markets that arise when p...
11  cards
Chapter 7: Market Inefficiencies
The costs or benefits of a market...,
Occurs when there is an inefficie...,
The costs of a market activity pa...
21  cards
Chapter 8: Business Costs and Production
Results when total revenue is hig...,
Results when total revenue is les...,
The amount a firm receives from t...
24  cards
Chapter 9: Firms in a Competitive Market
Has no control over the price set...,
The change in total revenue a fir...,
States that profit maximization o...
5  cards
Chapter 10: Understanding Monopoly
A measure of a monopolist s abili...,
Restrictions that make it difficu...,
Occurs when a single large firm h...
6  cards
Chapter 11: Price Discrimination
Occurs when a firm sells the same...,
Occurs when a firm sells the same...
2  cards
Chapter 12: Monopolistic Competition and Advertising
Type of market structure characte...,
The process that firms use to mak...,
The difference between the price ...
4  cards
Chapter 13: Oligopoly and Strategic Behavior
Form of market structure that exi...,
An agreement among rival firms th...,
Group of two or more firms that a...
19  cards

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Principles of Micro Econ

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