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Economics - Microeconomics

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

By: Mahek Mishra
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Decks in this class (15)

1.1.1- Economics As A Social Science
Ceteris paribus definition,
Economic model definition
2  cards
1.1.2- Positive And Normative Economic Statements
Positive statements,
Normative statements,
Value judgement
3  cards
1.1.3- The Economic Problem
Barter meaning,
Basic economic problem,
Economic agent
3  cards
1.1.4- Production Possibility Frontiers
Consumer goods,
Capital goods,
Production possibility frontier
5  cards
1.1.5- Specialisation And The Division Of Labour
Adam smith,
Division of labour,
Measure of value
8  cards
1.1.6- Free Market, Mixed And Command Economies
0  cards
1.2.1- Rational Decision Making
Utility
1  cards
1.2.2 - Demand
Demand definition,
50 000 consumers want a concert t...,
Demand curve
4  cards
1.2.3- Price, Income And Cross Elasticities Of Demand
Complements,
Substitutes
2  cards
1.2.4- Supply
Supply definition
1  cards
1.2.5- Elasticity Of Supply
0  cards
1.2.6- Price Determination
Equilibrium price,
Excess demand,
Excess supply
6  cards
1.2.7- Price Mechanism
0  cards
1.2.8- Consumer And Producer Surplus
0  cards
1.2.9- Indirect Taxes And Subsidies
Direct tax,
Indirect tax,
Specific tax
8  cards

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Economics - Microeconomics

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