1
Q
Consumers aim to:
A
Maximise utility/benefit (enjoyment, welfare, satisfaction, happiness)
2
Q
Firms aim to:
A
Maximise profits
9EC0 A-Level Microeconomics A Theme 1
flashcards
Decks in class (19)
# Cards
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1.1.1, 1.1.2, 1.1.3 Nature of economics13
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1.1.4 Production possibility frontiers10
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1.1.5 Specialisation and the division of labour11
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1.1.6 Free market economies, mixed economy and command economy12
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1.2.1 Rational decision making2
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1.2.2, 1.2.4 Demand and Supply13
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1.2.3, 1.2.5 Elasticities40
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1.2.6, 1.2.7 Price determination and price mechanism12
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1.2.8 Consumer and producer surplus9
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1.2.9 Taxes and subsidies18
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1.2.10 Alternative views of consumer behaviour12
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1.3.1, 1.3.2, 1.3.3, 1.3.4 Market failure29
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1.4.1 Government intervention31
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1.4.2 Government failure9
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3.1.1, 3.1.2, 3.1.3 Business growth29
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3.2.1 Business objectives-6
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3.3.1, 3.3.2, 3.3.3, 3.3.4 Revenues, costs and profits14
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3.4.1 Efficiency6
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3.4.2, 3.4.3 Competition8
