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1.2 - how markets work

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

By: Nijan Kannathasan
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Decks in this class (14)

1.2.1 Rational Decision Making
Explain the neo classical theory,
Define rationality acting in a ra...,
Define utility
10  cards
1.2.2 Demand
Define demand,
Basic law of demand,
Define extension of demand
27  cards
1.2.3 - Price Elasticity of Demand
Define elasticity,
Define price elasticity of demand...,
Ped formula
19  cards
1.2.3 - Income Elasticity of Demand
Define income elasticity of deman...,
Equation for income elasticity of...,
Name two types of goods
15  cards
1.2.3 - Cross Elasticity of Demand
Define cross elasticity of demand...,
Equation for cross elasticity of ...,
Define substitute goods
5  cards
1.2.4 - Supply
Define supply,
What causes movement along the su...,
How does price cause movement alo...
17  cards
1.2.5 - Elasticity of supply
Define price elasticity of supply...,
Is pes always a positive number i...,
Name the determinants of price el...
11  cards
1.2.3 , 1.2.5 - Elasticities Limitations for Business Decision Making
Name the elasticities with busine...,
Name three three criticisms disad...,
Explain elasticities are only est...
5  cards
1.2.6 - Price Determination
Define market,
Define equilibrium,
Another name for equilibrium
11  cards
1.2.7 - Price Mechanism
Define price mechanism,
Name the four function of price m...,
Explain rationing function
12  cards
1.2.8 - Consumer and producer surplus
Define consumer surplus,
Define producer surplus,
Define society surplus
4  cards
1.2.9 - Indirect Taxes
Name two types of taxes,
Name two types of indirect taxes,
Define direct tax
21  cards
1.2.9 Subsidies
Define subsidy,
Examples of subsidies,
Justifications for subsidies for ...
6  cards
1.2.10 - Alternative views of Consumer Behaviour
What do neo classical economics a...,
Reasons why consumers may not beh...,
Define irrational
6  cards

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1.2 - how markets work

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