Flashcards
Microeconomics flashcards
One deck for each unit, with the terms and ideas you need to know cold. Flip a card, then say how well you knew it. Cards you find hard come back sooner, and ones you know well wait longer.
6 decks · 210 cards
Unit 1
Basic Economic Concepts
36 cards
- Scarcity
- Trade-off
- Opportunity cost
- Factors of production
Unit 2
Supply and Demand
40 cards
- Law of demand
- Change in quantity demanded
- Change in demand
- Substitution effect
Unit 3
Production, Cost, and the Perfect Competition Model
37 cards
- Production function
- Short run
- Long run
- Total product
Unit 4
Imperfect Competition
35 cards
- Market power
- Price maker
- Imperfect competition
- Common barriers to entry
Unit 5
Factor Markets
27 cards
- Factor market
- Factor payments
- Derived demand
- Marginal product of labor (MPL)
Unit 6
Market Failure and the Role of Government
35 cards
- Market failure
- Socially efficient quantity
- Marginal social benefit (MSB)
- Marginal social cost (MSC)