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ECON 101

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

By: Britney Oseyamhen
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Decks in this class (10)

Chapter 1: Ten Principles of Economics
Factors that affect the peoples d...,
Opportunity cost can be also refe...,
The either or decision is 3
23  cards
Chapter 2: Thinking like an Economist
A simple representation of someth...,
On a circular flow diagram of the...,
Speaking in terms of goods and se...
30  cards
Chapter 3: Interdependence and Gains from Trade
Exports are 1,
Imports are 2,
Productivity can be measured by 3
12  cards
Chapter 4: The Market Forces of Supply and Demand
A market must satisfy these 3 con...,
The foreign exchange rate is a pe...,
The quantity demanded for a good ...
45  cards
Chapter 5: Elasticity
Elasticity measures 1,
Increase in price __________ in q...,
The steepness of the demand curve...
32  cards
Chapter 6.2: Supply, Demand and Govt policies
How does tax on buyers affect the...,
How does tax on sellers affect th...,
When we ask ourselves how is tax ...
23  cards
Chapter 7: Consumers, Producers, and the Efficiency of Markets
Individual consumer surplus is 1,
The willingness to pay measures 2,
The more your willingness to pay ...
38  cards
Chapter 8: The Costs of Taxation
Dead weight loss is 1,
Tax revenue is calculated by 2,
Tax _______ ts 3
10  cards
Chapter 13: The Costs of Production
Input costs that require an outla...,
Input costs that do not require a...,
Accounting costs are 3
30  cards
Chapter 14: FIrms in competitive markets
A perfectly competitive market has 1,
Total revenue total cost 2,
The revenue recieved of selling t...
17  cards

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ECON 101

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