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The economic environment

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

By: Gemma Anderson
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Decks in this class (11)

T2 Mapping Participant Preferences
What is the exchange environment 1,
What is the definition of a market 2,
What is demand 3
18  cards
T2 Market Equilbrium
What is market equilibrium 1,
What are the two components of ma...,
What is equilibrium price 3
11  cards
T2 Government intervention
What is the impact of taxes on ma...,
What is the price floor 2,
What shifts the market away from ...
3  cards
T2 Market Failure
When does market failure occur 1,
What are externalities 2,
What is a marginal social cost 3
6  cards
T3 Economic Profit
What motivates any producer to pa...,
How is economic profit calculated 2,
How is total revenue tr calculated 3
8  cards
T3 Short run production function
What does a production function do 1,
What is a short run 2,
What is the production function f...
9  cards
T3 Long run production function
Define longrun production 1,
What are the three different type...,
What is constant returns to scale 3
5  cards
T3 Cost of production
How was average cost calculated ac 1,
How was marginal cost calculated ...,
Define fixed costs 3
7  cards
T1 Production Possibilities Frontier
What is the production possibilit...,
What does it represent if a point...,
What does it represent if a point...
5  cards
T1 Comparative Advantage
What is a comparative advantage 1,
What is an absolute advantage 2
2  cards
T1 The marginal concept
What is marginal analysis 1,
What are the three types of margi...,
Define net benefit 3
4  cards

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The economic environment

  • Class purpose General learning

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