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Micro-Economics

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

By: Travis Horton
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Decks in this class (12)

Week 1
What are the four factors of prod...,
The additional benefit associated...,
The additional cost associated wi...
13  cards
Demand
A tangible product that consumers...,
An often intangible product or ac...,
The inputs used to produce goods ...
20  cards
Supply
A principle in economics that sta...,
The principle that if at least on...,
A tabular representation of the r...
12  cards
elasticity
A measure of how responsive one v...,
A measure of how responsive quant...,
Price elasticity of demand greate...
16  cards
Market Efficiency
The difference between the maximu...,
A branch of economics that focuse...,
Formula for area of a triangle 3
13  cards
Equilibrium
The price at which the quantity s...,
The quantity traded when the quan...,
A situation in which the quantity...
16  cards
Market Failure
A market in which the demand and ...,
The cost to the producer of an ad...,
The benefit to the consumer of an...
26  cards
Consumer Choice
The satisfaction or happiness rec...,
The total satisfaction or happine...,
The additional satisfaction or ha...
11  cards
Production
The costs associated with the use...,
Monetary payments made by individ...,
The opportunity costs of using ow...
26  cards
Perfect Competition
A market structure characterized ...,
Four characteristics of a perfect...,
The change in a firm s total reve...
23  cards
Monopol
A market structure characterized ...,
The ability of a monopoly to infl...,
Any impediments that prevent firm...
18  cards
Monopolistic competition and Oligopoly
A market structure characterized ...,
The strategy of distinguishing on...,
The underutilization of resources...
27  cards

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Micro-Economics

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