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Decks in this class (17)
Nature and purpose of economic activity
What is the central purpose of ec...,
What are the key economic decisio...,
What is the difference between a ...
28
cards
Economic Resources
What are the 4 factors of product...,
What is each reward that comes fr...,
The value of a worker is called i...
5
cards
Scarcity, choice and the allocation of resources
Definition of economics 1,
What is the economic problem 2,
Definition of opportunity cost 3
8
cards
The Determinants of the Demand for goods and services
A demand curve shows what relatio...,
On demand curves what is labelled...,
How do you show a change in price...
27
cards
The determinants of the supply of goods and services
What does a supply curve show 1,
Define supply 2,
Determinants of supply 3
7
cards
The determination of equilibrium market prices
What is market equilibrium 1,
What are market forces always pus...,
What does too much supply lead to...
7
cards
The interrelationship between markets
Changes in a particular market ar...,
How will other markets change whe...,
What are complements 3
14
cards
The market mechanism, market failure and government intervention in markets.
Purpose of market mechanism 1,
What are the 4 functions of price...,
What is the acronym for the 4 fun...
74
cards
PPF & Elasticity
Ppf definition 1,
Elasticity definition 2,
Factors which shift demand 3
31
cards
Production, Costs and revenue
Define the short run 1,
What must firms do to stay in pro...,
What are sunk costs 3
54
cards
Market Structures
Define a market 1,
Define market structure 2,
What is meant by perfect competit...
92
cards
The distribution of income and wealth
What is absolute poverty 1,
What is relative poverty 2,
What is income inequality 3
49
cards
Individual Economic Decision Making
Define utility 1,
What is a rational consumer 2,
Define marginal utility 3
20
cards
Oligopoly
What is an oligopoly 1,
Concentration ratio 2,
When does collusion occur 3
30
cards
Price Discrimination
Necessary conditions for price di...,
Define price discrimination 2,
What does price charged depend up...
18
cards
Marginal, Average and Total Revenue + Profit
Why is the average revenue curve ...,
Normal profit 2,
What is meant by opportunity cost...
18
cards
Labour Markets
Labour is demanded by 1,
Why is demand derived 2,
Demand at high wage rates vs low ...
77
cards
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A level Microeconomics
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