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Microecon y1

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

By: Niamh Steadman
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Decks in this class (12)

Exam technique
What are the key components of a ...,
What are key components of a 3 5 ...,
What are the key
4  cards
1.1.1 - Economics as a social science
What is a social science,
What is economics,
How is economics a social science
6  cards
1.1.2 - Positive and Normative statements
What is a positive statement,
What are normative statements,
Why are positive statements impor...
4  cards
1.1.3 - Economic Problem
What is the basic economic problem,
What are the 4 resources or facto...,
What are the definitions for each...
9  cards
1.1.4 - Production possibility frontiers
What is a ppf,
What can ppfs be used for,
How can the maximum productive po...
10  cards
1.1.5 - Specialisation and division of labour
What does production involve,
What is productivity,
What is the overall productivity ...
19  cards
1.1.6 - Free market economies, mixed economy and command economy
What are the 4 types of economy,
What is a traditional economy,
What is a command economy
19  cards
1.2.1 - Rational decision making
What following underlying economi...
1  cards
1.2.2 - Demand
What is demand,
What is the law of demand,
What are the 3 types of demand
13  cards
1.2.4 - Supply
What is supply,
What are the factors that affect ...,
What are other factors affecting ...
6  cards
1.2.6 - Price determination
What is market equilibrium,
What does market equilibrium look...,
What is market disequilibrium
7  cards
1.2.8 - Consumer and Producer surplus
What is consumer surplus,
What is a producer surplus,
How is producer surplus and consu...
4  cards

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Microecon y1

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