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micro economics

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

By: Elizabeth Meeks
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Decks in this class (16)

theme 1
What type of science is economics 1,
What is a positive statement 2,
What is a normative statement 3
15  cards
theme 1 part 2
Before making decisions what do f...,
What do consumers want from brands 2,
What do firms aim to do 3
33  cards
DEMAND
What is demand effective 1,
What is the demand curve 2,
What is total utility 3
15  cards
SUPPLY
What is supply 1,
What is a firm 2,
What are the four forms firms can...
49  cards
1 10.10
What is a discretionary income 1,
What is a disposable income 2,
What is a substitute good 3
12  cards
consumer and producer surplus
What is consumer surplus 1,
Which part of a graph shows consu...,
What effect does higher supply co...
13  cards
market equilibrium
What is market equilibrium 1,
What is excess supply 2,
What is excess demand 3
8  cards
economic systems
What are the three main economic ...,
What is an economic system 2,
What is the market mechanism 3
21  cards
the specialisation and division of labour
What is the division of labour 1,
What are 3 reasons that the divis...,
What are the advantages of divisi...
23  cards
price mechanism
What is the price mechanism 1,
What is allocation 2,
What is rationing 3
7  cards
Key economic thinkers
Who are the three main economic t...,
Which economy did karl marx suppo...,
What were karl marx s main beliefs 3
7  cards
Price Elasticity of Demand
What does ped stand for 1,
What is the ped 2,
What is the equation for ped 3
28  cards
Price elasticity of supply
What is price elasticity of supply 1,
What is price elasticity of suppl...,
What is the abbreviation of price...
34  cards
Functions of money
What are the 5 functions of money 1,
What is medium of exchange 2,
What is standard of deferred paym...
7  cards
income elasticity of demand
What is the income elasticity of ...,
What does a perfectly elastic yed...,
What dies a perfectly inelastic y...
9  cards
Cross Elasticity of Demand
What is the acronym for cross ela...,
What is the equation of xed 2,
Do substitutes have positive or n...
8  cards

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micro economics

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