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MICRO ECONOMICS Y12

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

By: Liv Lonsdale
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Decks in this class (20)

1.1 THE ECONOMIC PROBLEM
What are the 3 economic agents 1,
What are the 4 factors of product...,
What s a positive statement 3
9  cards
1.2 THE ALLOCATION OF RESOURCES
The rationing function 1,
The incentive function 2,
The signalling function 3
16  cards
1.3 OPPORTUNITY COSTS
What is opportunity cost 1,
What causes the ppc to shift 2,
What is meant by a trade off 3
5  cards
2.1 SPECIALISATION AND TRADE
When does specialisation occur 1,
What s the division of labour 2,
Whats a barter system 3
8  cards
2.2 DEMAND
What is market demand 1,
Demand definition 2,
Whats the demand curve 3
13  cards
2.3 SUPPLY
Define supply 1,
Describe the supply curve 2,
What will a shift left mean for s...
8  cards
2.4 CONSUMER & PRODUCER SURPLUS
What s consumer surplus 1,
What is producer surplus 2
2  cards
2.5 INTERACTION OF MARKETS
What is equilibrium 1,
What s equilibrium price 2,
What s equilibrium quantity 3
17  cards
2.6 PRICE ELASTICITY OF DEMAND
What are the 4 basic types of ela...,
What is price elasticity of demand 2,
How to calculate ped 3
5  cards
2.6 INCOME ELASTICITY OF DEMAND
What is yed 1,
Whats a normal good 2,
Whats an inferior good 3
7  cards
2.6 CROSS ELASTICITY OF DEMAND
What is xed 1,
How to calculate xed 2,
What can xed also be seen as 3
6  cards
2.6 PRICE ELASTICITY OF SUPPLY
What is pes 1,
If pes is elastic what can happen...,
If pes is inelastic what will hap...
4  cards
2.6 IMPORTANCE OF ELASTICITY
What is incidence of tax 1,
Importance of elasticity 2,
What happens if its a relatively ...
4  cards
2.7 THE CONCEPT OF THE MARGIN
Whats the utility theory 1,
What is the unit of measurement f...,
What is total utility 3
14  cards
2.8 MARKET FAILURE
What is market failure 1,
When does market failure exist 2,
What is complete market failure 3
5  cards
2.8 NEGATIVE EXTERNALITIES
Mpc stands for 1,
Mec stands for 2,
Msc stands for 3
18  cards
2.8 POSITIVE EXTERNALITIES
Whats a positive externality 1,
What does positive externalities ...,
Whats the result of the positive ...
6  cards
2.9 INFORMATION FAILURE
What is information failure 1,
What can information failure resu...,
Where does information failure oc...
11  cards
2.10 PUBLIC GOODS
What is a public good 1,
What are public goods also known ...,
Whats a quasi public good 3
12  cards
2.11 GOVERNMENT INTERVENTION
What is government intervention 1,
Reasons why governments intervene...,
What is indirect tax 3
7  cards

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MICRO ECONOMICS Y12

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