This class was created by Brainscape user Megan Kua. Visit their profile to learn more about the creator.
By:
Megan Kua
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Decks in this class (9)
1 Meaning of Economics
How society allocates resources t...,
Household management in greek,
Freedom to own properties have an...
21
cards
2 Beyond the Issue of Scarcity
Raw materials in manufacturing,
Land forest water energy minerals,
2 types of land used for resident...
40
cards
3 Human Needs and Wants
Necessity for survival,
Driving force behind motivation,
You would be sick or die without it
32
cards
4 Allocation
Efficient allotment and division ...,
Process of identifying how scarce...,
No central control decisions base...
32
cards
5 Consumption
Use of goods and services by cons...,
Free goods,
Economic goods
44
cards
6 Production
Process of combining the factors ...,
4 factors of production,
Outputs of production
53
cards
7 Demand
Individual behavior,
Market is the central idea relati...,
Market force from customers
40
cards
8 Supply
Quantity of goods and services th...,
Nothing else changes everything i...,
Price supply price supply
25
cards
9 Market Equilibrium
Price that balances qd and qs,
Number of qd and qs at equilibriu...,
Consumers can buy what they want ...
12
cards
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9 Economics
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