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Microeconomics Year 12

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

By: Lewis Tilley
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Decks in this class (15)

Principles Of Economics
What is the basic economic problem 1,
What is opportunity cost 2,
What are the 4 factors of product...
10  cards
Production
What is a production possibility ...,
If a point was below the ppf curv...,
If a point was on the ppf curve w...
17  cards
Individual Economic Decision Making
What is rational consumer behavio...,
What is total utility 2,
What is marginal utility 3
12  cards
Demand
What is effective demand 1,
What is latent demand 2,
What is joint demand 3
11  cards
Elasticity
What is the price elasticity of d...,
Is ped positive or negative 2,
What does inelastic demand mean 3
25  cards
Supply
What is joint supply 1,
What is individual supply 2,
What is market supply 3
5  cards
Market Shifts
What happens when demand increase...,
What happens when demand decrease...,
What happens when supply increase...
6  cards
Functions Of Price, Consumer And Producer Surplus
What is producer surplus 1,
What is consumer surplus 2,
What are the functions of price 3
4  cards
Free Market
What is the economic system 1,
What are the characteristics of a...,
Advantages of a free market econo...
4  cards
Command Economies And Mixed Economies
Characteristics of a command econ...,
Advantages of a command economy 2,
Disadvantages of a command economy 3
7  cards
Market Failure
When does market failure exist 1,
Allocative efficiency occurs when...,
What is complete market failure 3
34  cards
Government Intervention
What is an indirect tax 1,
What is tax incidence 2,
Advantages of an indirect tax 3
21  cards
Government Failure
What is government failure 1,
Causes of government failure 2,
What is an unintended consequence 3
7  cards
Behavioural Economics
What is rational consumer behavio...,
What is irrational consumer behav...,
Why may some customers be irratio...
9  cards
Unstable Markets & Price Volatility
Causes of price volatility in mar...,
Problems with price volatility in...,
Causes of price instability in ma...
3  cards

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Microeconomics Year 12

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