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ECF1100 - Microeconomics

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

By: Ayaan Zia
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Decks in this class (10)

Week 1 - Introduction to Microeconomics
Define scarcity 1,
Define economics 2,
Define efficiency 3
31  cards
Week 2 - Market Forces of Supply & Demand
What is supply and demand 1,
What is a market 2,
What is a competitive market 3
26  cards
Week 3 - Elasticity & Its Application
What does elasticity measure 1,
When is demand for a good elastic 2,
When is demand for a good inelast...
18  cards
Week 4 - Government policies, market efficiency and costs of taxation and subsidies
What is the price ceiling 1,
What is the price floor 2,
What os the national minimum wage 3
21  cards
Week 5 -Applications of Supply and Demand: Labour Markets and International Trade
Define world price 1,
Define tariff 2,
Name 5 economic benefits from tra...
21  cards
Week 6 - Market Failure and Government Intervention
Define the term externaility 1,
What does iinternalising the exte...,
Fill in the following one word ga...
22  cards
Week 8 - Costs of Production
Define total revenue 1,
Define total cost 2,
Define profit in terms of using t...
25  cards
Week 9 - Firms in Competitive Markets
What are the 3 main characteristi...,
Define the term price takers 2,
Fill in the following one word ga...
21  cards
Week 10 - Monopoly and Monopolistic Competition
What are the 3 sources barriers t...,
Define the term natural monopoly 2,
What is price discrimination 3
16  cards
Week 11 - Oligopoly and Business Strategy
What is an oligopolistic market w...,
Define the term collusion 2,
Define the term cartel in terms o...
9  cards

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ECF1100 - Microeconomics

  • Class purpose General learning

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