This class was created by Brainscape user Dimitrios Leftakis. Visit their profile to learn more about the creator.
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Decks in this class (57)
economic problem
Factors of production and meaning,
What is the basic economic problem,
Definition of opportunity cost an...
3
cards
production possibility curves
What do production possibility cu...,
Different types of ppf s,
Different points on ppf
5
cards
demand and the demand curve
What is demand,
The law of demand and why,
Movements along the demand curve
5
cards
supply and the supply curve
What is supply,
Movements along the supply curve,
The law of supply
4
cards
market equilibrium and disequilibrium
Free market,
Market equilibrium vs disequilibrium,
What do prices do
4
cards
consumer and producer surplus
What is consumer surplus,
What is producer surplus,
How to find a consumer surplus on...
5
cards
interrelated markets
Different types of interrelated m...,
Joint demand complement explain e...,
Competitive demand substitutes ex...
6
cards
Price elasticity of demand
What is ped what does it measure,
Equation for ped,
Different types of elasticity
4
cards
price elasticity of supply
What is price elastic of supply,
Equation for price elasticity of ...,
Different types of elasticity
4
cards
cross elasticity of demand
What is cross elasticity of demand,
Equation for cross elasticity of ...,
How can you tell what type of a g...
4
cards
income elasticity of demand
What is income elasticity of demand,
Equation yed,
How to tell what type of good it ...
6
cards
elasticity business use and limitations
Ped and business use,
Pes,
Xed and business use
5
cards
indirect tax, full market impact
What do indirect taxes do,
Different types of taxes,
Different indirect taxes
4
cards
indirect tax and elasticity
Ped 1 it,
Ped 1 it,
Pes 1 it
4
cards
subsidy full market impact
What is a subsidy and what is it ...,
Effect of subsidy on a graph
2
cards
minimum price/price floor- full market impact
Minimum price and price flooring ...,
Effect of minimum pricing price f...
2
cards
maximum price/price ceiling- full market impact
What is maximum price price ceili...,
Effect of max pricing on the graph
2
cards
allocative efficiency
Different types of costs if marke...,
Allocative efficiency equations,
What is allocative efficiency
4
cards
types of market failure
What is market failure,
Types of market failure
2
cards
positive externalities in production/consumption
What is a positive externality,
Positive externality in consumption,
Positive externality in productio...
6
cards
merit and demerit goods
Merit goods definition why they o...,
Demerit goods
2
cards
public goods
Characteristics of pure public go...,
Free,
Quasi public goods
3
cards
common access resources and the tragedy of the commons
What are common access resources ...,
The tragedy of the commons and graph
2
cards
government failure
Definition of government failure ...,
Types of government failure
2
cards
indirect tax and market failure
What is an indirect tax,
General impact of indirect tax on...,
Impact of indirect tax on ne in p...
4
cards
subsidy and market failure
What is a subsidy,
General effect of subsidy on posi...,
Effect of sobusdy on positive ext...
4
cards
regulation and market failure
Regulation definition,
Regulation and how it resolves ma...,
Issues with regulation and market...
3
cards
tradable pollution permits
What are tradable pollution permi...,
Effect of tradable pollution perm...,
How tradable pollution permits work
4
cards
state provision to solve market failure
State provision and when it can o...,
How it works,
Graph of state provision
4
cards
price controls (min/max) and market failure
Min price and market failure,
Issues with minimum pricing,
Maximum pricing and resolving mar...
4
cards
information provision and market failure
What is information provision,
Effect on graph info provision me...,
How information provision works t...
4
cards
property rights for market failure
How property rights solve market ...,
Issues with property rights and m...
2
cards
economic systems
Different types of economies,
Free market,
Allocative efficiency in a free m...
5
cards
specialisation and division of labour
Specialisation,
Advantages and disadvantages of s...
5
cards
positive normative statements and economic methodology
Natural vs social science,
Economic methodology,
Positive vs normative statements
3
cards
elasticity along the demand curve
Why does ped vary along the deman...
1
cards
law of diminishing returns
What is the law of diminishing re...,
Why does the law of diminishing r...
2
cards
fixed and variable costs
Different types of costs,
Equation for total fixed costs av...,
Average variable cost
3
cards
marginal and average cost curves
Shape and equation of marginal co...,
Average cost equation and curve
2
cards
total costs
Curve of total fixed variable and...
1
cards
long run costs and returns to scale
What is the long run,
Long run average cost curve and why
2
cards
economies of scale
Economies of scale and different ...,
Diseconomies of scale
2
cards
revenue marginal total and average
What is revenue,
Equation for average total and ma...,
What is perfect competition
4
cards
profit- supernormal, normal and subnormal
What is economic profit and what ...,
Different types of economic profits
2
cards
objectives of firms
Objective of firms why and but,
Where is profit max,
Profit satisficing and groups harmed
6
cards
barriers to entry and exit
What are barriers to entry and ex...,
Barriers to exit
2
cards
business efficiency
Economic efficiency,
Allocative productive x and dynam...
2
cards
efficnecy analysis
Allocative definition condition c...,
Productive efficiency definition ...,
Dynamic efficnecy definition cond...
4
cards
perfect competition
Conditions of perfect comp,
Graph of perfect competition,
Supernormal profit to the long ru...
4
cards
perfect competition shutdown condition
Shutdown competition,
Shutdown and breakeven condition,
Loss shutdown and no shutdown graph
3
cards
monopoly
Characteristics and what it is,
Monopoly diagram,
Conclusions of monopoly
3
cards
monopoly deadweight welfare loss
Why do they cause deadweight welf...
1
cards
price discrimination: first, second and third degree
Price discrimiantion,
Conditions for price discrimination,
First degree and graph
6
cards
natural monopoly
Natural monopoly examples,
Characteristics of natural monopoly,
Natural monopoly graph
4
cards
pros, cons evaluation of monopoly power
Cons of monopolies,
Pros of monopoly power,
Evaluation of monopoly power
3
cards
competitive markets
Pros of competitive markets,
Cons of competitive markets,
Evaluation of competitive markets
3
cards
monopolistic comp
Characteristics of monopolistic c...,
Short run monopolistic comp,
Shift to long run in monopolistic...
5
cards
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microeconomics
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