Microeconomics Core
Curated Economics deck. Add it to your library and study with spaced repetition.
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What is scarcity?
The basic economic problem that resources are limited but wants are unlimited.
What is opportunity cost?
The value of the next best alternative given up when making a choice.
What is the law of demand?
As price rises, quantity demanded falls, all else equal.
What is the law of supply?
As price rises, quantity supplied rises, all else equal.
What is market equilibrium?
The price where quantity demanded equals quantity supplied.
What is a surplus?
When quantity supplied exceeds quantity demanded, usually above equilibrium price.
What is a shortage?
When quantity demanded exceeds quantity supplied, usually below equilibrium price.
What is price elasticity of demand?
How responsive quantity demanded is to a change in price.
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