This class was created by Brainscape user Shannon Corr. Visit their profile to learn more about the creator.
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Shannon Corr
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Decks in this class (13)
The basic economic problem
What are the three fundamental qu...,
What is scarcity in economics 2,
What causes scarcity 3
18
cards
Demand
What is the definition of demand ...,
What is the difference between in...,
What does the law of demand state 3
15
cards
Income elasticity of demand
What does income elasticity of de...,
What happens to demand for normal...,
What happens to demand for inferi...
17
cards
Price elasticity of demand
What does price elasticity of dem...,
What is the formula for price ela...,
What does it mean if ped is great...
15
cards
Supply
What does the supply curve repres...,
What does the law of supply state 2,
Why is more supplied at higher pr...
15
cards
Interaction of supply and demand
What defines a market in economics 1,
What is market equilibrium 2,
What is excess supply 3
15
cards
Equation
What is the formula for price ela...,
What is the formula for income el...
2
cards
Circular flow of income
What is the circular flow of inco...,
What are the main participants in...,
How do households contribute to t...
15
cards
National Income
Q what is national income 1,
Q why is measuring national incom...,
Q what are the three components m...
32
cards
Alcohol and Drug policy
What is alcohol classified as in ...,
Why was the alcohol and drugs pol...,
What is minimum unit pricing mup ...
15
cards
Market Failure
What is market failure 1,
What are merit goods 2,
Why are merit goods under provide...
20
cards
Market Failure 1
What is market failure 1,
What are merit goods 2,
What are examples of merit goods 3
23
cards
Overall
What is the basic economic problem 1,
What are the three key questions ...,
What is opportunity cost 3
29
cards
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Economics
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