This class was created by Brainscape user Lily Rosenthal. Visit their profile to learn more about the creator.
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Lily Rosenthal
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Decks in this class (14)
ped
What is the formula for ped 1,
How to find change 2,
What does splat stand for 3
9
cards
pes
What does brits stand for 1,
What is pes 2,
What can firms do to be more resp...
6
cards
demand
Define demand 1,
Is the demand curve sloping down ...,
What factors influence demand 3
10
cards
supply
Define supply 1,
What factors influence supply 2,
How do taxes influence supply 3
7
cards
equilibrium
Define equilibrium price 1,
Define market clearing price 2,
Define excess supply 3
4
cards
intermarket relationships
Define complementary goods 1,
Give an example of complementary ...,
Define inferior goods 3
7
cards
division of labour & specialisation
Division of labour advantages 1,
Specialisation advantages 2,
Specialisation disadvantages 3
8
cards
factors of production
List all factors of production 1,
What is land in fop 2,
What is labour in fop 3
5
cards
basic economic problem
What is the basic economic problem 1,
What is scarcity 2,
What is the opportunity cost 3
4
cards
not maximising benefit
Why do consumers not maximise the...,
Why do producers not maximise the...,
Why would producers wish to maxim...
4
cards
market system
What types of market are there 1,
What is an intermediate market 2,
What is an invisible market 3
8
cards
market sectors
What are the market sectors 1,
What is the primary sector 2,
What is the secondary sector 3
4
cards
key gov objectives
What are the key government objec...,
What are the additional governmen...
2
cards
market failure
What is a merit good 1,
What is a demerit good 2,
What is market failure 3
9
cards
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economics
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