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Angela Maglalang
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Decks in this class (24)
Chapter 1: Economic Principles 1-4
What is economics,
What is individual choice,
What are the 4 basic principles o...
19
cards
Chapter 1: Economic Principles 5-12
What is interaction of choices,
What are the 5 principles that un...,
What is specialization 2
18
cards
Chapter 2: Trade-offs and Trade - Models
We test our hypotheses using a mo...,
Why are models used to better und...,
What is the other things equal as...
15
cards
Chapter 2: Trade-Offs and Trade - The Production Possibility Frontier
What does the production possibil...,
Ppf graph,
What does the ppf model demonstra...
23
cards
Chapter 2: Trade-Offs and Trade - The Circular-Flow Diagram
What is a transaction in trade,
What does the circular flow diagr...,
Circular flow diagram
11
cards
Chapter 3: Supply and Demand - Movement and Shifts of Curves
What is a competitive market 2,
What model shows how a competitiv...,
What are the five key elements to...
21
cards
Chapter 3: Supply and Demand - What Causes a Supply Curve to Shift
What causes a supply curve to shi...,
What is an input,
What is the market supply curve
9
cards
Chapter 4: Consumer and Producer Surplus
How does the market move towards ...,
Without market failures is the eq...,
Government policies that affect a...
21
cards
Chapter 4: Consumer and Producer Surplus - Markets
A market is efficient when the su...,
What is demand,
What is supply
18
cards
Chapter 5: Price Controls and Quotas - Price Ceilings
Why are price controls imposed du...,
What are examples of price contro...,
Why do price ceilings cause ineff...
15
cards
Chapter 5: Price Controls and Quotas - Price Floors
What are price floors for,
Price floor graph,
What happens to excess supply in ...
12
cards
Chapter 5: Price Controls and Quotas - Controlling Quantities
What is a quantity control quota,
What is a quota limit 2,
What is a license
9
cards
Chapter 6: Elasticity - Price Elasticity of Demand
What is price elasticity of demand,
How to calculate price elasticity...,
Midpoint method of calculation
21
cards
Chapter 6: Elasticity - PED Determinants + XED
What are the four major determina...,
Why does the availability of subs...,
Why does proportion of income det...
14
cards
Chapter 6: Elasticity - Income Elasticity of Demand + Price Elasticity of Supply
What is income elasticity of demand,
Income elasticity of demand formula,
How does ied determine if a good ...
14
cards
Chapter 7: Taxes - Introduction, excise tax + incidence
Why do we tax 4,
How much do we tax 2,
How is income redistributed
18
cards
Chapter 7: Taxes - Rates and Revenue
What is revenue for a firm denote...,
What is revenue for a tax denoted by,
What is a tax rate
7
cards
Chapter 7: Taxes - Consumer and Producer Surplus + Elasticity
A tax would ____ reduce increase ...,
A tax creates government revenue ...,
Why does tax create deadweight loss
12
cards
Chapter 7: Taxes - Tax Fairness and Efficiency
What two principles determine tax...,
What is the benefit principle of ...,
What is the ability to pay princi...
24
cards
Chapter 11: Firm Behaviour - Efficiency Production + Short Run Production
What is a production function,
What is technological efficiency,
How can we achieve an economicall...
23
cards
Chapter 11: Firm Behaviour - Short Run Costs
What are total fixed costs 2,
What are some examples of total f...,
What are total variable costs
22
cards
Chapter 11: Firm Behaviour - Long Run Production Costs
What would long run production co...,
For each k we can find the l that...,
What is the lratc curve
6
cards
Chapter 11: Firm Behaviour - Economies and Diseconomies of Scale
What are the three scales for lon...,
What is increasing returns to scale,
What is constant returns to scale
16
cards
Chapter 12: Perfect Competition
Markets sellers can be part of on...,
What is a pure monopoly,
Why can t other firms enter the i...
24
cards
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ECON1010
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