Top Microeconomics Flashcards

The sister discipline to macroeconomics, microeconomics is one of two of the key general principles of economic theory and activity. While macroeconomics takes a global view (such as a national or international level), microeconomics is specific to smaller mechanisms; individuals and organizations at a market level. Micro economists will study the impact of individuals and entities on the marketplace, looking at how the behaviour of the former impact on such factors as supply and demand, prices and quantity in the market itself.

Microeconomics is linked to macroeconomics at a number of points. A micro economist for example will consider the impact of decisions made at national level (macroeconomics) in the market. There are a number of areas of study within microeconomics itself including game theory and elasticity. Use our flashcards to fill in any gaps in your microeconomics theory and remember key definitions. 
AQA AS Microeconomics Key Terms Flashcards
Cards: 81| Attempts: 209| Last updated: Sep 23, 2020
  Occupational Immobility
  The Lack Of Skill, Knowledge And/or Ability T...
  Geographical Immobility
  Difficulty Moving/commuting To Where Employme...
  Income
  A Flow Of Earnings To A Factor Of Production ...
  Wealth
  A Stock Of Owned Assets. EG Housing Property ...
Business Of Microeconomics Flashcards
Cards: 43| Attempts: 22| Last updated: Jul 12, 2017
  The Model That Lyes At The Heart Of Economics...
  Supply And Demand
  In The Product Markets Consumer Behavior Is M...
  Demand Curve
  In The Resource Markets The Choices Of Househ...
  Supply Curve
  Consumers Tend To Save ______ When Inter...
  More
Micro Economics StudyFinal For Levendis(P 1)
Cards: 31| Attempts: 15| Last updated: Jul 19, 2016
  A Good Is Considered To Be Scarce In A Societ...
  Everyone In That Society Cannot Have All They...
  Suppose That Korea Produces Shoes And Soccer ...
  The Opportunity Cost Of Shoes Will Be The Inv...
  The Opportunity Cost Of An Item Is
  What You Give Up To Get That Item
  Trade...
  Allows A Person To Consume At A Point Outside...

Principle Of Microeconomics
Cards: 27| Attempts: 12| Last updated: Jul 12, 2017
  Market
  A Group Of Buyers And Sellers Of A Particular...
  Competitive Market
  A Market In Which There Are Many Buyers And M...
  Quantity Demanded
  The Amount Of A Good That Buyers Are Willing ...
  Law Of Demand
  THe Claim That, Other Things Equal, The Quant...
Microeconomics Chapter 1,2,3,4, & 20
Cards: 30| Attempts: 3| Last updated: Sep 18, 2015
  Economics
  The Study Of How People Allocate Their Limite...
  Microeconomicss
  The Study Of Decision Making Undertaken By In...
  Macroeconomics
  The Study Of The Behavior Of The Economy As A...
  Positive Economics
  Analysis That Is Strictly Limited To Making E...
Microeconomics Chapters 1-7
Cards: 34| Attempts: 3| Last updated: Sep 18, 2015
  Opportunity Cost
  What You Must Give Up In Order To Get An Item...
  Marginal Decisions
  Decisions About Whether To Do A Bit More Or A...
  Gains From Trade
  People Can Get More Of What They Want Through...
  Equilibrium
  When No individual would Be Better ...
Microeconomics Chapter 3 Review
Cards: 17| Attempts: 3| Last updated: Sep 22, 2015
  Explain The Law Of Demand.
  When The Price Of A Product Falls, The Quanti...
  Name The Variables That Shift Market Demand.
  Income, Price Of Related Goods, Tastes, Popul...
  What Will Happen To The Demand For a Nor...
  Normal Good: Demand With Increase. Inferior ...
  An Increase In Income (and The Good Is Normal...
  Right.
Microeconomic Test 1
Cards: 54| Attempts: 0| Last updated: Sep 22, 2015
  Economics
  Study Of Allocating Or Distributing Scarce (l...
  3 Resources
   1.) Land -----> Rent  2.) Labo...
  Self Interest Theory
   Means Individuals Will  consume Th...
  2 Types Of Economic Thinking Or Inquiry; &nbs...
   1.) Normative Analysis    2...
Microeconomics Exam 1 Vocabulary
Cards: 83| Attempts: 0| Last updated: Sep 22, 2015
  Allocative Efficiency
  A State Of The Economy In Which Production Is...
  Centrally Planned Economy
  An Economy In Which The Government Decides Ho...
  Economic Model
  A Simplified Version Of Reality Used To Analy...
  Economic Variable
  Something Measurable That Can Have Different ...
Microeconomics Chapter 4
Cards: 18| Attempts: 0| Last updated: Sep 22, 2015
  Price Ceiling
  A Legally Determined Maximum Price That Selle...
  Price Floor
  A Legally Determined Minimus Price That Selle...
  Consumer Surplus
  The Difference Between The Highest Price A Co...
  Marginal Benefit
  The Additional Benefit To A Consumer From Con...
Economics - Microeconomics
Cards: 20| Attempts: 0| Last updated: Sep 16, 2015
  Define Scarcity
  Humans Have Unlimted Wants And Limited Means ...
  How Do Macro And Micro Economics Vary?
  Macro Economics Is Ocncerned With The Economy...
  What Is Oppitunity Cost?
  The Cost Of Any Activity Measured In Terms Of...
  Why Are Economics Models Used?
  They Are Used As A Visual Representation Of T...
MicroEconomics Vocabulary
Cards: 58| Attempts: 0| Last updated: Sep 17, 2015
  Excise Tax
  Tax On Sales Of A Good Or Service
  Incidence Of A Tax
  Measure Of Who Really Pays It
  Tax Rate
  Amount Of Tax People Are Required To Pay Per ...
  Administrative Costs
  Resources Used By Government To Collect The T...


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