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

Decks in this class (20)

1.1 The Economic Problem
What is an economy,
What is the difference between a ...,
What is factors of production
16  cards
1.2 Economics As A Social Science
Why do economists use models,
What do economists rely on instead,
What are the 2 types of models ec...
5  cards
1.3 Opportunity Cost And PPF
What is opportunity cost,
How can economic agents use oppor...,
What is a ppf curve
12  cards
1.4 Positive And Normative Economics
What are positive statements,
What are normative statements,
What is a value judgment
3  cards
1.5 Specialisation And Division Of Labour
What is specialisation,
What are the benefits of speciali...,
What are the disadvantages of spe...
12  cards
1.6 Types Of Exonomy
What is a market,
What is a price mechanism,
What is a free market economy exa...
16  cards
1.7 Decision Making In Economics
What are the 2 approaches to make...,
What is deduction,
What is induction
14  cards
1.8 Demand
What is demand,
What is the law of demand,
What does a decrease in price res...
19  cards
1.9 Supply
What is revenue,
How do you calculate total revenue,
What is supply
16  cards
1.10 Price Determination
What is a market,
What is excess demand,
How do you show excess demand on ...
8  cards
1.11 Indirect Taxes And Subsidies
What is a direct income tax,
What is an indirect value added tax,
What is a specific tax
10  cards
1.12 PED and PES
What is demand,
What is derived demand,
What is effective demand
34  cards
1.13 Consumer And Producer Surplus
What is consumer surplus,
What does consumer surplus show,
Diagram for consumer surplus
15  cards
1.14 Diminishing Marginal Utility
What is marginal utility,
What is diminishing marginal utility,
What is the income effect
9  cards
1.15 Cross Elasticty Of Demand, Income Elasticity If Demand
What is xed,
What is the equation for xed,
What is the xed of substitute goods
16  cards
1.16 Price Mechanism
What is the price mechanism,
What are the 3 functions of the p...,
What is the signalling function
6  cards
1.17 Market failures And Externalities
What does market failure refer to,
What is an external cost negative...,
What is an external benefit posit...
4  cards
1.18 Public Goods
What are the key features of publ...,
What are the key features of priv...,
What does non rivalrous mean
19  cards
1.19 Information Gaps
What is perfect information,
What is imperfect information,
What is symmetric information
15  cards
1.20 Maximum And Minimum Peicing
Define maximum price,
Define minimum price,
What is the difference between mi...
6  cards

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microeconomics taha

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