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Micro Eco Year 1

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

By: Henry Russell
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Decks in this class (8)

Demand
Define demand 1,
What is a contraction in demand 2,
What is an extension in demand 3
37  cards
The Economic Problem
Define the economic problem 1,
Define opportunity cost 2,
Define positive statement 3
15  cards
Supply
Define supply 1,
Why does supply slope upwards 2,
Pes definition 3
30  cards
Price Mechanism
Price mechanism definition 1,
An increase in price causes a ___...,
An increase in price causes a ___...
13  cards
Consumer And Producer Surplus
Demand curve what other curve 1,
What is marginal benefit 2,
What is marginal utility 3
10  cards
Tax And Subsidies
Direct tax 1,
Indirect tax 2,
What does a tax shift 3
16  cards
Market Failure: Externalities
What is market failure 1,
What are the 4 main market failur...,
Define negative externality 3
18  cards
Market Failures: Public Goods, Information Gaps, Pollution Permits
What system is used for pollution...,
How does the cap and trade system...
2  cards

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Micro Eco Year 1

  • Class purpose General learning

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