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Decks in this class (51)
3.1.1 - Economic Methodology and the Economic Problem
What does economics study 1,
What is microeconomics the study ...,
What is a positive statement 3
24
cards
3.1.2 - The Nature and Purpose of Economic Activity
What is a need 1,
What is a want 2,
What is welfare 3
24
cards
3.1.4 - Scarcity, Choice and the Allocation of Resources
What is scarcity 1,
What is the fundamental economic ...,
In free market economies what det...
11
cards
3.2.1 - Consumer Behaviour
What is utility 1,
What is marginal utility 2,
What do total and marginal utilit...
33
cards
3.2.2 - Imperfect Information
What is the distinguishing behind...,
Why may people choose to underspe...,
What is asymmetric information 3
8
cards
3.2.3 - Aspects of Behavioural Economic Theory
What is behavioural economics 1,
Where has most of the behavioural...,
Why does the location of study on...
48
cards
3.1.5 - Production Possibility Diagrams
What is the key feature of a ppd 1,
What are the three types of ppd s 2,
What does a straight line ppf rep...
21
cards
3.1.3 - Economic Resources
What is production 1,
What is a capital good 2,
What is a consumer good 3
10
cards
3.2.4 - Behavioural Economics and Economic Policy
What is choice architecture 1,
How and why are choice architectu...,
What is the default choice 3
18
cards
3.3.1 - The Determinants of Demand
What is a market 1,
What is a competitive market 2,
What is ruling market price 3
29
cards
3.3.2 - Price, Income and Cross Elasticities of Demand
What is elasticity 1,
Why is elasticity a useful statis...,
What is the price elasticity of d...
24
cards
3.3.4 - Price Elasticity of Supply
What is the price elasticity of s...,
What is unity unit elasticity 2,
What value shows if a supply curv...
21
cards
3.3.5 - The Determination of Equilibrium Market Prices
How is market equilibrium achieve...,
What is equilibrium 2,
What is disequilibrium 3
19
cards
3.3.3 - The Supply of Goods and Services
What is market supply 1,
What is the relationship between ...,
What is a market supply curve 3
20
cards
3.3.6 - The Interrelationship Between Markets
What is joint supply 1,
When is joint supply demonstrated 2,
If the demand curve for beef shif...
12
cards
3.4.1 - Production
What is production 1,
What are the factors of production 2,
What is the productivity gap 3
18
cards
3.4.2 - Specialisation, Division of Labour and Exchange
What is specialisation 1,
What is the division of labour 2,
What did smith establish 3
17
cards
3.4.3 - The Law of Diminishing Returns and Returns to Scale
What is the short run in microeco...,
How can firms produce more in the...,
What are variable factors 3
34
cards
3.4.5 - Economies and Diseconomies of Scale
What are economies of scale 1,
What are diseconomies of scale 2,
How can a firm benefit from econo...
83
cards
3.4.6 - Marginal, Average and Total Revenue
What is total revenue 1,
What is average revenue 2,
What is marginal revenue 3
51
cards
3.4.4 - Costs of Production
What does production entail 1,
What is the short run 2,
What is the long run 3
33
cards
3.5.2 - The Objectives of Firms
What does traditional theory assu...,
What is the equation for total pr...,
What does profit maximisation loo...
38
cards
3.5.4 - Monopoly and Monopoly Power
What is a monopoly 1,
Can monopolies make long run supe...,
Why can monopolies make supernorm...
30
cards
3.5.1 - Market Structures
What is market structure 1,
What are the important features o...,
What are the features of a perfec...
29
cards
3.5.5 - The Advantages and Disadvantages of Monopoly
What are the two main advantages ...,
Why are economies of scale an adv...,
Why is dynamic efficiency an adva...
15
cards
3.5.3 - Perfect Competition
Why can perfect competition model...,
What did adam smith believe about...,
Why do consumers benefit from ind...
33
cards
3.5.8 - Price Discrimination
What is price discrimination 1,
How are prices set in the main fo...,
How are prices set in second degr...
16
cards
3.4.6 - Marginal, Average and Total Revenue COPY
What is total revenue 1,
What is average revenue 2,
What is marginal revenue 3
51
cards
3.8.1 - How Markets and Prices Allocate Resources
What are the precise functions th...,
What is the signalling function o...,
Give an example of the signalling...
22
cards
3.5.12 - Consumer and Producer Surplus
What is consumer surplus 1,
What is producer surplus 2,
Where is the producer surplus in ...
35
cards
3.8.9 - Government Intervention in Markets
How can economists and politician...,
What are the arguments against go...,
What are the arguments for govern...
26
cards
3.8.10 - Government Failure
What is government failure 1,
Why can government intervention l...,
Why do some people think state pr...
9
cards
3.8.5 - Merit and Demerit Goods
What is a merit good 1,
Why do merit goods differ from pu...,
What is information failure 3
24
cards
3.8.3 - Private Goods, Public Goods and Quasi-Public Goods
What are private goods 1,
What is excludability 2,
What is a rival good 3
27
cards
3.8.6 - Market Imperfections
What is the effect of imperfect a...,
Why might the existance of monopo...,
What is the immobility of labour 3
5
cards
4.9.2 - Macroeconomic Indicators
What is a macroeconomic indicator 1,
What are some examples of a macro...,
How can macroeconomic indicators ...
6
cards
3.8.2 - The Meaning of Market Failure
What is market failure 1,
What is complete market failure 2,
What is a partial market failure 3
9
cards
3.8.4 - Positive and Negative Externalities in Production and Consumption
What are externalities 1,
When do externalities exist 2,
What type of good is an externali...
58
cards
3.8.7 - Competition Policy
What are the two important factor...,
What is competition policy 2,
What is the overarching theme of ...
29
cards
4.10.1 - The Circular Flow of Income
How can nations meausure the flow...,
What is the income approach 2,
What is the output approach 3
14
cards
4.10.2 - Aggregate Demand and Aggregate Supply Analysis
What are reflationary policies 1,
What is aggregate demand 2,
What is the preferred economic mo...
24
cards
4.9.3 - The Uses of Index Numbers
What is an index number 1,
How are changes in real gdp norma...,
What is the starting year for an ...
5
cards
Microeconomics Equations
What is the equation for producti...,
What is the equation for ped 2,
What is the equation for income e...
6
cards
4.10.5 - Determinants of SRAS
Explain the rise from ad1 to ad2 1,
Explain the rise from ad3 to ad4 2,
What happens if the ad curves shi...
6
cards
4.10.6 - Determinants of LRAS
What is the lras influenced by 1,
What is the normal capacity level...,
What is the position of the lras ...
8
cards
4.11.1 - Economic Growth and the Economic Cycle
What is the difference between th...,
How does an economy grow in the s...,
What is the demand side 3
39
cards
4.10.4 - Aggregate Demand and the Level of Economic Activity
What is economic activity 1,
What is the main link between ad ...,
What is a multiplier 3
20
cards
3.4.7 - Profit
What is profit 1,
How should people think about a l...,
What is the single assumption mad...
29
cards
3.8.6 - Market Imperfections COPY
What is the effect of imperfect a...,
Why might the existance of monopo...,
What is the immobility of labour 3
5
cards
4.10.3 - The Determinants of Aggregate Demand
What are the determinants of cons...,
What is the rate of interest 2,
What happens when rates of intere...
27
cards
3.5.6 - Monopolistic Competition
Why is monopolistic competition p...,
How does monopolistic competition...,
How does monopolistic competition...
35
cards
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Econ CAP 2
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