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Economics A-Level > microeconomics > Flashcards

microeconomics Flashcards

(5 cards)

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1
Q

Consumer Aim

A

Maximize utility (satisfaction from productsHomo Economicus: Rational consumer calculates and chooses the most satisfying option.

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2
Q

Firm Aim

A

Maximize profit for shareholders.

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3
Q

Government Aim

A

Maximize social welfare for public satisfaction.

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4
Q

Behavioral Economics

A

Questions rationality; agents may lack necessary info to act rationally.

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5
Q

Shift in Demand Curve:

A

increase or decrease in demand due to factors other than price.

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Economics A-Level (2 decks)

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