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micro economics

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

By: Feranmi Agbetuyi
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Decks in this class (8)

positive and normative statements
What are positive statements,
What are normative statements,
What is the role of value judgements
4  cards
the economic problem
What is the ecoomic problem,
What are capital goods,
List the four factors of producton
4  cards
Production Possibility Frontiers
use basic knowledge understanding
8  cards
price, income and cross elasticities of demand
understanding of all mentioned know how to use formulas
5  cards
PRICE ELASTICITY OF SUPPLY
What is,
When a pes is bigger than 1 what ...,
When our pes is between 1and
24  cards
specialisatiion and the division of labour
What is specialisation,
What is division of labour,
Advanatages of specialisation
4  cards
price determination
What is equilibrium,
What is excess supply,
What is excess demand
5  cards
tax
Direct tax,
What are the two types of indirec...,
What is a specific tax
5  cards

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micro economics

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