This class was created by Brainscape user Harriet Walker. Visit their profile to learn more about the creator.
By:
Harriet Walker
- decks
- flashcards
- learners
Decks in this class (55)
Demand
Markets where goods and services ...,
Demand for goods and services is ...,
Changes in demand cause a shift i...
5
cards
Price, Income and Cross Elasticities of Demand
Price elasticity of demand shows ...,
Ped can be elastic inelastic or u...,
2 inelastic ped
6
cards
Uses of Elasticities of Demand
Many factors influence the price ...,
Total revenue and price elasticit...,
Income elasticity of demand is di...
4
cards
Supply
Supply of goods or services is di...,
Changes in supply cause a shift i...,
There are lots of factors that ca...
4
cards
Price Elasticity of Supply
Price elasticity of supply shows ...,
Pes can be elastic inelastic or u...,
A high pes is important to firms
5
cards
Market Equilibrium
A market is in equilibrium when s...,
Excess supply and demand wont exi...,
Shifts in demand or supply curves...
5
cards
Price and the Allocation of Resources
You need to know about competitiv...,
Price is the main way of allocati...,
The price mechanism has advantage...
3
cards
Consumer and Producer Surplus
Consumer and producer surpluses a...,
The consumer and producer surplus...,
Changes in supply and demand affe...
3
cards
Subsidies and Indirect Taxes
Subsidies and indirect taxes can ...,
The benefit of subsidies is divid...,
Indirect taxes also affect both c...
3
cards
Demand and Supply - Agriculture
Agricultural products display sho...,
Price instability has several eff...,
Changes in income have little imp...
5
cards
Demand and Supply - Oil
The price of oil is very importan...,
Lots of factors affect the demand...,
There are several factors affecti...
6
cards
Demand and Supply - Housing
Buying a house is an investment,
The supply of houses is the varie...,
The price of housing is determine...
5
cards
Demand and Supply - Transport
Transport is usually a derived de...,
Demand for transport is income el...,
The price elasticity of car trave...
3
cards
Section 3 Production and Productivity
Production means manufacturing so...,
Productivity is the output per fa...,
Labour productivity is the output...
3
cards
Specialisation
Specialisation leads to a divisio...,
Advantages and disadvantages of s...,
Trade means people can buy the st...
4
cards
The Costs of a Firm
Firms generate revenue and incur ...,
Economists include opportunity co...,
In the short run some costs are f...
7
cards
The Law of Diminishing Returns
Increases in output are limited b...,
What is marginal product,
Law of diminishing returns
7
cards
Economies and Diseconomies of Scale
Economies of scale can be interna...,
Internal economies of scale invol...,
Purchasing economies of scale
11
cards
Long Run Average Cost
In the long run firms can move on...,
The shape of lrac curves is deter...,
External changes can cause lrac c...
4
cards
Returns to Scale
Returns to scale describe the eff...,
Increasing returns to scale contr...,
Long run average costs are minimi...
3
cards
The Revenue of a Firm
Revenue is the money firms reciev...,
A firms demand curve determines h...,
A firm thats a price taker has a ...
7
cards
Profit
Economists distinguish between no...,
Normal profit occurs when tr tc,
Supernormal profit occurs when tr tc
5
cards
The Objective of Firms
Profit maximisation is assumed to...,
Aiming for other objectives will ...,
Maximising revenue means producin...
9
cards
NOTNEEDEDWhy Firms Grow
Growth can increase profit and br...,
Internal growth means increasing ...,
External growth means combining f...
7
cards
Pefect Competition
Perfectly competitive markets hav...,
In a perfectly competitive market...,
Perfect competition leads to allo...
13
cards
Barriers to Entry
Barriers to entry vary between ma...,
Barriers to entry can be created ...,
Barriers to entry due to incumben...
6
cards
Monopolies
A monopoly is a market containing...,
A monopolist makes supernormal pr...,
Monopolies arent productively or ...
7
cards
Price Discrimination
Price discrimination means chargi...,
Several conditions need to be sat...,
Price discrimination transfers co...
7
cards
Oligopolies
Concentration ratios show how dom...,
There are two ways to define an o...,
Firms in an oligopoly can either ...
7
cards
Interdependence in Oligopolistic Markets
Game theory can be used to unders...,
The kinked demand curve model is ...,
The kinked demand curve model des...
3
cards
Monopolistic Competition
Monopolistic competition resemble...,
The short run position is like a ...,
But in the long run position is m...
5
cards
Contestability
A contestable market is open to n...,
High barriers to entry or exit me...,
Hit and run tactics can be used i...
6
cards
Externalities
Market failure occurs when a mark...,
Market failure can be complete or...,
Externalities affect third parties
13
cards
Merit and Demerit Goods
Merit goods benefit society but d...,
Merit goods benefit society but d...,
Merit goods benefit society but d...
7
cards
Public goods
Public goods are goods that are c...,
Private goods are the opposite of...,
Some public goods can take on the...
5
cards
Imperfect Information
Symmetric information means every...,
Asymmetric information involves a...,
Information failure causes market...
4
cards
Inequity
Consumption by an individual depe...,
Income and wealth are not distrib...,
Governments might try to distribu...
3
cards
Immobile Factors of Production
Factors of production can be immo...,
Labour immobility can be geograph...,
Labour immobility can be occupati...
4
cards
Market failure in Monopolies
Learn the difference between mono...,
Monopolies cause market failure a...,
Monopolies can being benefits to ...
3
cards
Taxation
Governments use indirect taxes to...,
Governments use indirect taxes to...,
Governments tax goods with negati...
6
cards
Subsidies
Subsidies are paid to producers b...,
There are advantages of subsidies,
There are disadvantages of subsidies
3
cards
Price Controls
Governments can set a maximum pri...,
Governments can be set a minimum ...,
Advantages and disadvantages of m...
4
cards
State Provision
Governments directly provide some...,
State provision is a way to overc...,
State provision has several disad...
4
cards
Privatisation, Regulation and DeRegulation
Privatisation can improve efficiency,
Privatisation covers a number of ...,
Advantages of privatisation
10
cards
Other methods of intervention
Tradable pollution permits are us...,
Advantages of trade pollution per...,
Disadvantages of trade pollution ...
8
cards
Government Failure
Government intervention can cause...,
Government intervention may cause...,
Government bureaucracy can interf...
7
cards
Examples of Government Failure
The common agricultural policy ca...,
Governments may intervene in hous...,
Governments mat provide subsidies...
5
cards
Competition Policy
Competition policy aims to increa...,
Governments often want to prevent...,
Some markets have their own regul...
7
cards
Labour Demand
The demand for labour is a derive...,
Firms will only demand workers if...,
The mrpl curve is the same shape ...
6
cards
Labour Supply
Labour supply can refer to indivi...,
The supply of labour can be influ...,
Other factors can affect the supp...
6
cards
Wages
Market forces can determine wages...,
Point 2 examples lawyers,
Point 2 examples office cleaners
5
cards
Trade Unions
Trade unions can increase the bar...,
Trade union membership in the uk ...,
Trade union wage negociations
6
cards
Discrimination
Wage discrimination can result in...,
Wage discrimination can result in...,
Wage discrimination has advantage...
7
cards
Imperfections
Not all economic inactivity is la...,
Not all economic inactivity is la...,
All labour markets suffer from im...
7
cards
Minimum, Maximum and Living Wages
Governments intervene in the labo...,
The national minimum wage nmw aim...,
It can be argued that introducing...
5
cards
More about
CGP Microeconomics 1
- Class purpose General learning
Learn faster with Brainscape on your web, iPhone, or Android device. Study Harriet Walker's CGP Microeconomics 1 flashcards now!
How studying works.
Brainscape's adaptive web mobile flashcards system will drill you on your weaknesses, using a pattern guaranteed to help you learn more in less time.
Add your own flashcards.
Either request "Edit" access from the author, or make a copy of the class to edit as your own. And you can always create a totally new class of your own too!
What's Brainscape anyway?
Brainscape is a digital flashcards platform where you can find, create, share, and study any subject on the planet.
We use an adaptive study algorithm that is proven to help you learn faster and remember longer....
Looking for something else?
CGP Geography
- 5 decks
- 159 flashcards
- 16 learners
Decks:
Coastal Landforms And Sea Level Changes, Humans At The Coast Case Study, Coastal Environment Case Study, And more!
AP Microeconomics
- 10 decks
- 428 flashcards
- 219 learners
Decks:
Introduction, Consumer Theory, Producer Theory, And more!
semester 1
- 65 decks
- 1440 flashcards
- 31 learners
Decks:
Homeostasis, Life At The Cellular Level, Health And Disease, And more!
