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ECON 1101

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

By: Elise Michael
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Decks in this class (17)

Introduction and Microeconomic Lessons
Definition economics,
Definition scarcity,
North vs south korea
18  cards
Demand, Supply and Equilibrium in Markets
Definition demand,
Demand,
The income effect
21  cards
Welfare + Efficiency and International Trade
Welfare and efficiency in markets,
Definition consumer surplus,
Producer surplus
12  cards
Price Elasticity of Demand, Other Elasticity Measures and Elasticity Applications
Price elasticity of demand,
Elastic demand,
Inelastic demand
13  cards
Price Controls, Taxes + Subsidies and Applications with Elasticity
Market intervention,
Price ceilings diagram,
Price floors diagram
11  cards
Externalities, Public Goods + Common Resources and Correcting Externalities
Market failure,
Government failure,
What can cause market failure
27  cards
Production Theory
Introductory concepts,
The role of technology in production,
Production
10  cards
Costs of Production
Types of costs,
Types of profit,
Total costs in the short run
8  cards
Market Structure
Firm cost curves,
Firms,
Market demand
6  cards
Perfect Competition
Assumptions,
Perfectly competitive markets almost,
Firms market in perfect competition
9  cards
Long Run Dynamics and Efficiency
Perfect competition in the long run,
Perfect competition and efficiency,
Measures of efficiency
6  cards
Monopoly
Characteristics of a monopoly,
How monopolies occur,
Monopoly revenue
5  cards
Price Discrimination
Price discrimination,
Conditions for price discrimination,
Types
9  cards
Utility and Rational Behaviour
Utility definition,
Assumptions of traditional consum...,
Assumptions for rational people
8  cards
Behavioural Economics
Cognitive biases,
Loss aversion,
The endowment effect
11  cards
Oligopoly
Oligopoly,
Features of an oligopoly,
Examples of oligopolies
13  cards
Game Theory and Strategic Behaviour
Elements of game theory models,
Prisoners dilemma,
Sequential games
3  cards

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ECON 1101

  • Class purpose General learning

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