This class was created by Brainscape user Gabe McAlinden. Visit their profile to learn more about the creator.
By:
Gabe McAlinden
- decks
- flashcards
- learners
Decks in this class (22)
How Does Economic Change Effect Businesses
List some of the reasons why a bu...,
What is interest 2,
What are interest rates 3
20
cards
Demand
What is demand 1,
What is effective demand 2,
What is consumer sovereignty 3
15
cards
Supply
What is the most common incentive...,
Describe a supply curve 2,
Define short run in terms of supp...
6
cards
The Invisible Hand
Explain the concept of the invisi...,
Explain how the invisible hand de...,
How does adam smith describe the ...
6
cards
The Price Mechanism
How is price a market signal 1,
How do prices act as a rationing ...,
How does price act as an incentive 3
9
cards
Resource scarcity
When does resource scarcity occur 1,
What can resource scarcity lead to 2,
List the 4 factor enterprises use...
9
cards
Opportunity cost
Why is there still an opportunity...,
What are opportunity costs 2
2
cards
The economic problem
What is the basic economic problem 1,
What is scarcity 2,
What 4 subcomponents resources ca...
8
cards
The tragedy of the commons
What is the tragedy of the commons 1,
Why can the pursuit of self inter...,
What is the tragedy of the common...
4
cards
Business objectives
What is the main goal for most fi...,
What is profit 2,
When do firms break even 3
23
cards
Businesses and corporate social responsibility
Why does society need businesses 1,
Why do businesses need society 2,
What is the free market view on t...
18
cards
Stakeholders
What is a stakeholder 1,
What do shareholders want 2,
What do employees want 3
12
cards
Creative destruction
Define creative destruction 1,
List the things an entrepreneur d...,
How can entrepreneurs expand a bu...
6
cards
Specialisation and division of labour
What is specialisation 1,
What is the division of labour 2,
Who proposed the idea of the divi...
6
cards
Factors of production
What are the 4 factors of product...,
What do entrepreneurs do 2,
What is physical capital 3
12
cards
Price elasticity of demand (PED)
What is price elasticity of demand 1,
What is the formula for price ela...,
What is price inelastic good 3
25
cards
Income elasticity of demand
What is income elasticity of dema...,
What is income elasticity of dema...,
What is the formula for yed 3
16
cards
Pricing strategies
When might a retailer use cost pl...,
What is the benefit of cost plus ...,
What is the drawback to cost plus...
19
cards
Non-price competition
What are the two potential conseq...,
Give 4 areas in which product dif...,
What is the result of successful ...
5
cards
How do firms compete?
What types of market will be segm...,
What is a gap in the market and w...,
What is marketing often used to do 3
30
cards
Market failure
What is a third party 1,
What is an externality 2,
What is an external cost 3
16
cards
What is market failure
What is market failure 1,
What is market failure most commo...,
What are markets usually unable t...
10
cards
More about
Microeconomics
- Class purpose General learning
Learn faster with Brainscape on your web, iPhone, or Android device. Study Gabe McAlinden's Microeconomics flashcards now!
How studying works.
Brainscape's adaptive web mobile flashcards system will drill you on your weaknesses, using a pattern guaranteed to help you learn more in less time.
Add your own flashcards.
Either request "Edit" access from the author, or make a copy of the class to edit as your own. And you can always create a totally new class of your own too!
What's Brainscape anyway?
Brainscape is a digital flashcards platform where you can find, create, share, and study any subject on the planet.
We use an adaptive study algorithm that is proven to help you learn faster and remember longer....
Looking for something else?
Microeconomics
- 19 decks
- 666 flashcards
- 1004 learners
Decks:
Economic Methodology Scarcity Choice And, Producer Surplus, Intro To Supply And Demand, And more!
Microeconomics
- 41 decks
- 603 flashcards
- 78 learners
Decks:
The Economic Problem, Economics As A Social Science, Ppf, And more!
economics micro
- 85 decks
- 1217 flashcards
- 21 learners
Decks:
Demand Supply And Market Equilibrium, Key Phrases, Division Of Labour, And more!
