This class was created by Brainscape user isabella rotheram. Visit their profile to learn more about the creator.
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Decks in this class (23)
3.1.1 - Economic Methodology and the Economic Problem- micro
What does economics study 1,
What is microeconomics the study ...,
What is a positive statement 3
24
cards
3.1.2 - The Nature and Purpose of Economic Activity- micro
What is a need 1,
What is a want 2,
What is welfare 3
24
cards
3.1.3 - Economic Resources- micro
What is production 1,
What is a capital good 2,
What is a consumer good 3
10
cards
3.1.4 - Scarcity, Choice and the Allocation of Resources- micro
What is scarcity 1,
What is the fundamental economic ...,
In free market economies what det...
11
cards
3.1.5 - Production Possibility Diagrams- micro
What is the key feature of a ppd 1,
What are the three types of ppd s 2,
What does a straight line ppf rep...
21
cards
3.2.1 - Consumer Behaviour- micro
What is utility 1,
What is marginal utility 2,
What do total and marginal utilit...
33
cards
3.2.2 - Imperfect Information- micro
What is the distinguishing behind...,
Why may people choose to underspe...,
What is asymmetric information 3
8
cards
3.2.3 - Aspects of Behavioural Economic Theory- micro
What is behavioural economics 1,
Where has most of the behavioural...,
Why does the location of study on...
48
cards
3.2.4 - Behavioural Economics and Economic Policy- micro
What is choice architecture 1,
How and why are choice architectu...,
What is the default choice 3
18
cards
3.3.1 - The Determinants of Demand- micro
What is a market 1,
What is a competitive market 2,
What is ruling market price 3
29
cards
3.3.2 - Price, Income and Cross Elasticities of Demand- micro
What is elasticity 1,
Why is elasticity a useful statis...,
What is the price elasticity of d...
24
cards
3.3.3 - The Supply of Goods and Services- micro
What is market supply 1,
What is the relationship between ...,
What is a market supply curve 3
20
cards
3.3.4 - Price Elasticity of Supply- micro
What is the price elasticity of s...,
What is unity unit elasticity 2,
What value shows if a supply curv...
21
cards
3.3.5 - The Determination of Equilibrium Market Prices- micro
How is market equilibrium achieve...,
What is equilibrium 2,
What is disequilibrium 3
19
cards
3.3.6 - The Interrelationship Between Markets- micro
What is joint supply 1,
When is joint supply demonstrated 2,
If the demand curve for beef shif...
12
cards
3.4.1 - Production- micro
What is production 1,
What are the factors of production 2,
What is the productivity gap 3
18
cards
3.4.2 - Specialisation, Division of Labour and Exchange- micro
What is specialisation 1,
What is the division of labour 2,
What did smith establish 3
17
cards
3.4.3 - The Law of Diminishing Returns and Returns to Scale
What is the short run in microeco...,
How can firms produce more in the...,
What are variable factors 3
34
cards
3.4.4 - Costs of Production
What does production entail 1,
What is the short run 2,
What is the long run 3
33
cards
3.4.5 - Economies and Diseconomies of Scale
What are economies of scale 1,
What are diseconomies of scale 2,
How can a firm benefit from econo...
83
cards
3.4.6 - Marginal, Average and Total Revenue
What is total revenue 1,
What is average revenue 2,
What is marginal revenue 3
51
cards
3.4.7 - Profit
What is profit 1,
How should people think about a l...,
What is the single assumption mad...
29
cards
3.4.8 - Technological Change
What is technological change 1,
What does technology focus on 2,
What are the two distinct meaning...
49
cards
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