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Economics-micro

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

By: Sophie Manchester
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Decks in this class (15)

1.1.1 + 1.1.2 Economics as a social science and statements
Why are models used in economics 1,
What does ceteris paribus mean 2,
What are positive statements 3
5  cards
1.1.3 + 1.1.4 the Economic problem and PPFs
What is the economic problem 1,
What choices are made in economics 2,
What are factors of production 3
13  cards
1.1.5 Specialisation and the division of labour
What is productivity 1,
What is specialisation 2,
What are the advantages of specia...
6  cards
1.1.6 Free markets, mixed and command economies
What is a free market economy 1,
What are the advantages of a free...,
What are the disadvantages of a f...
8  cards
1.2.1 + 1.2.2 Rational decision making and Demand
What are assumptions we make abou...,
What is demand 2,
What is the demand curve 3
13  cards
1.2.3 Price, Income and Cross elasticities
What is ped 1,
Whats the equation for ped 2,
What is elastic demand 3
20  cards
1.2.4 + 1.2.5 Supply + Elasticity of supply
What is supply 1,
Whats the supply curve 2,
What are the some causes of shift...
14  cards
1.2.6 Price determination
What is market equilibrium 1,
What is excess supply 2,
How to clear the market when ther...
9  cards
1.2.7 Price Mechanism
What does adam smith believe in 1,
What is the price mechanism 2,
What are the functions of price 3
7  cards
1.2.8 + 1.2.9 Surplus, indirect taxes and subsidies
What is a consumer surplus 1,
What is a producer surplus 2,
What are indirect taxes 3
14  cards
1.2.10 Alternative view on consumer behaviour
How do rational economic agents a...,
What does behavioural economics s...,
What does daniel kahneman believe 3
3  cards
1.3.1 + 1.3.2 Market failure and externalities
What is market failure 1,
What happens at the free market e...,
What are some types of market fai...
7  cards
1.3.3 and 1.3.4 Public goods and info gaps
What are public goods 1,
What is non excludability 2,
What is non rivalry 3
12  cards
1.4.1 Government Intervention
What are some types of gov interv...,
What are price controls 2,
What are guaranteed minimum prices 3
14  cards
1.4.2 Government failure
What is gov failure 1,
Where does gov failure come from 2,
What does gov failure cause 3
10  cards

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Economics-micro

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