This class was created by Brainscape user Amber Dhesi. Visit their profile to learn more about the creator.
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Amber Dhesi
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Decks in this class (16)
Introduction to microeconomics
Define microeconomics,
What are 4 economic constraints,
What are the 3 fundamental econom...
29
cards
Market forces of supply and demand
Define market,
Define competitive market,
What sort of impact does a compet...
52
cards
Elasticity and its applications
Define elasticity,
What does elasticity allow,
Define price elasticity of demand
56
cards
The theory of consumer choice
What is the trade off that people...,
What are two things that might in...,
What do trade offs normally concern
61
cards
Applications of consumer theory
What is the idea behind food stamps,
What is better for the individual...,
Why is cash better for the indivi...
37
cards
Production theory
Why do firms incur costs,
Define opportunity cost,
Define explicit cost
146
cards
Consumers, producers and market efficiency
Define willingness to pay wtp,
Define consumer surplus,
When would a customer buy a good
36
cards
Government policy
Define price ceiling,
Define price floor,
What does a binding price ceiling...
60
cards
Monopoly
What is imperfect competition,
What is one of the three differen...,
What is a monopoly
83
cards
Monopolistic competition and oligopoly
What does imperfect competition r...,
What is monopolistic competition ...,
Define monopolistic competition
99
cards
Measuring a nation's income
What are 4 ways to measure an eco...,
What are 4 ways of measuring the ...,
Why must income equal expenditure...
73
cards
The real economy in the long run
What does a countrys standard of ...,
The rate of what varies greatly,
What do the poorest countries hav...
52
cards
Unemployment
What are the two categories of un...,
What is the natural rate of unemp...,
What is cyclical unemployment
50
cards
The financial system
What is finance,
What is a risk for lenders,
What is the financial system made of
57
cards
The monetary system
Define medium of exchange,
Define unit of account,
Define store of value
57
cards
Money growth and inflation
What is inflation,
What is hyperinflation,
What has happened to inflation in...
30
cards
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ECO1017
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