This class was created by Brainscape user Daniel Michelmore. Visit their profile to learn more about the creator.
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Decks in this class (19)
Economic Principles
Define economics 1,
What is the difference between ma...,
What is the difference between po...
7
cards
Demand and Supply
What are markets 1,
What is demand 2,
What is the law of demand 3
11
cards
Budget Constraints
What is the buyer s problem 1,
What assumptions do economists ma...,
What assumptions do economists ma...
9
cards
Utility & The Consumer Surplus
What is utility 1,
What is the principle of diminish...,
What are the conditions for consu...
13
cards
Elasticity of Demand
What is choice overload 1,
Explain the different types of fr...,
What is demand elasticity 3
17
cards
The Supply Curve
What is supply 1,
What is the law of supply 2,
What is the difference between ma...
5
cards
Production
What are the assumptions that eco...,
The goal of a seller is to maximi...,
What is the production function 3
19
cards
Determining How Much to Sell
What is the difference between to...,
How can businesses increase total...,
How does total revenue relate to ...
14
cards
The Producer Surplus
What does the supply curve indica...,
What is the producer surplus and ...,
How can the producer surplus be r...
6
cards
Elasticity of Supply
What is price elasticity of supply 1,
What are the formulas for calcula...,
What is elastic supply 3
5
cards
Equilibrium
What is equilibrium 1,
What is equilibrium price 2,
What is equilibrium quantity 3
18
cards
Perfect Competition
What are the characteristics of a...,
What is a representative firm 2,
How do firms in a perfectly compe...
7
cards
Taxes and Subsidies
What is a tax 1,
What is a tax on buyers and how d...,
What is a tax on sellers and how ...
20
cards
Trade
What is the principle behind the ...,
What is the ideal production poss...,
What does a realistic production ...
13
cards
Market Failure
What is market failure 1,
What are the three main sources o...,
What are externalities 3
22
cards
Classification of Goods
What are public goods 1,
What do excludable and rivalrous ...,
Identify where the four types of ...
11
cards
Monopolies
Define a monopoly 1,
What are three barriers to entry ...,
What is the key difference betwee...
18
cards
Game Theory
What is the purpose of studying g...,
What are the three elements of ga...,
What are simultaneous games and o...
14
cards
Oligopolies & Monopolistic Competition
What characterises oligopolies se...,
In a homogenous duopoly what dete...,
What happens when firms try to ma...
14
cards
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Microeconomics
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