This class was created by Brainscape user Nate Ross. Visit their profile to learn more about the creator.
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Nate Ross
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Decks in this class (10)
Session 1: Scarcity, Opportunity Cost, and Incentives
Two things about economics 1,
____ is the root of economics 2,
____ is the root of all economic ...
13
cards
Session 3: Exchange and markets
In the traditional supply demand ...,
In the traditional supply demand ...,
In the traditional supply demand ...
13
cards
Session 2: Consumer choice, demand curves, elasticity
What is the utility curve 1,
The more of a good one has 2,
Marginal utility 3
23
cards
Session 4: Production, costs, and profit maximization
What is comparative advantage 1,
What is absolute advantage 2,
What does lower marginal cost gra...
17
cards
Session 5: Perfect competition and price takers
What is the formula for total rev...,
Marginal revenue mr is 2,
What is the formula for marginal ...
14
cards
Session 6: Price searchers, monopoly, and oligopoly
What is market power 1,
What are the sources of market po...,
When is profit maximized 3
9
cards
Session 7: Game theory and strategic competition
What is an oligopoly 1,
What is game theory 2,
What is the nash equilibrium 3
5
cards
Session 8: Decision-making under uncertainty
Greater revenue in outcomes natur...,
What is expected value 2,
What are real options 3
4
cards
Session 9: Information Asymmetry
What is asymmetric information 1,
What are some reasons for asymmet...,
What does asymmetric information ...
16
cards
Session 10: Externalities and transaction costs
What is an externality 1,
What is a positive externality 2,
What is a negative externality 3
4
cards
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Microeconomics
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