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Omar o
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Decks in this class (16)
Economics as a Social Science
Social science 1,
Ceteris paribus 2,
Positive statement 3
35
cards
Demand
Demand 1,
Demand curve 2,
Contraction in demand 3
8
cards
PED
Price elasticity of demand ped 1,
Elastic demand ped 2,
Inelastic demand ped 3
10
cards
Diagrams
Unitary elastic demand curve 1,
Draw a diagram to show how the fu...,
Minimum price 3
8
cards
YED
Yed 1,
Yed equation definition 2,
Normal goods yed 3
6
cards
XED
Cross elasticity of demand 1,
Complements or complementary goods 2,
Substitutes or substitute goods 3
4
cards
Supply
Supply 1,
Contraction in supply 2,
Extension in supply 3
4
cards
PES
Price elasticity of supply pes 1,
Elastic supply 2,
Inelastic supply 3
10
cards
Price Determination
Equilibrium 1,
Excess supply or surplus 2,
Excess demand or shortage 3
7
cards
Consumer and Producer Surplus
Diminishing marginal utility 1,
Marginal utility 2,
Consumer surplus 3
8
cards
Negative Externalities
Private costs 1,
Negative externalities or externa...,
Socially efficient equilibrium 3
8
cards
Positive Externalities
Private benefits 1,
Positive externalities or externa...,
Positive consumption externalitie...
4
cards
Public Goods
We know that public goods suffer ...,
The free rider problem leads to 2,
Public goods 3
5
cards
Information Gaps
Information gaps 1,
Incomplete information 2,
Asymmetric information 3
4
cards
Types of Government failure
Law of unintended consequences 1,
Administration costs 2,
Information gaps 3
4
cards
Economic Systems and thinkers
We already know that adam smith c...,
As consumers bid up the price the...,
Free market economy 3
8
cards
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Micro Econ 1
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