This class was created by Brainscape user Lachie Ryan. Visit their profile to learn more about the creator.
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Lachie Ryan
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Decks in this class (9)
Week 1
Why does the baker sell bread,
Define scarcity,
Define economics
19
cards
Week 2
Define market,
Define competitive market,
Define the law of demand
27
cards
Week 3 - elasticity
Define elasticity,
Define price elasticity of demand,
Price elasticity of demand formala
19
cards
Week 4 - gov't policies and welfare
Define price celling,
What does a price celling create,
Define a price floor
18
cards
Week 5 - costs of production
Explain total revenue total costs...,
Define marginal product,
Define marginal cost
20
cards
Week 6 - competition monopoly
4 market structures,
Characteristics of a perfectly co...,
What is a perfectly competitive m...
26
cards
Week 7 - Monopolistic competition
Define monopolistic competition,
Defining characteristics of monop...,
Explain monopolistic firms in the...
13
cards
Week 8 - Oligopoly + business strategy
Define oligopoly,
What is a duopoly,
The duopolist may agree on a mono...
17
cards
Week 9 - Externalities
What is a market,
Define market failure,
Define government failure
38
cards
More about
eco
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