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Jacob Heyes
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Decks in this class (38)
The Economic Problem
What is economics,
What are the two types of economi...,
What is a normative statement
37
cards
Competitive Markets
What are markets,
What are sub markets,
What determine the levels of dema...
49
cards
Business Economics
What is production and what does ...,
What is an input give an example,
What is productivity
55
cards
Market Failure
When does market failure occur,
Describe complete market failure,
Describe partial market failure
61
cards
Government Intervention
Why do government use indirect taxes,
Define indirect tax,
What are the two types of indirec...
55
cards
Measuring Economic Performance
What is macroeconomics,
What are the four macroeconomic i...,
Define gdp
50
cards
Aggregate Demand + Aggregate Supply
What is the ad formula,
What doesn t government spending ...,
What is government spending compo...
66
cards
Exam
Market failure,
Substitute goods,
Demerit good
8
cards
Summer Work Definitions
Define expansionary monitary policy
1
cards
Market Structures
Define homogenous goods,
What is a price taking firm,
What is perfect elasticity
36
cards
Definitions
Oligopoly,
Dynamic efficiency,
Collusuion
4
cards
microeconomics definitions
Allocative efficiency,
Allocative price function,
Capital
258
cards
Microeconomics - Production Possibility Diagrams
What do they show,
What can they also show,
What is the curve in the diagram ...
9
cards
Microeconomics - Formulas
Price elasticity of demand ped,
Income elasticity of demand yed,
Cross elasticity of demand xed
10
cards
Microeconomics - The objectives of firms
Where does profit maximisation occur,
Why do some firms choose to profi...,
Other possible objectives of a firm
4
cards
Microeconomics - perfect Competition
Characteristics of a perfectly co...,
What can happen in the short and ...,
Draw a price taking firm for a pe...
6
cards
Microeconomics - Monopolistic Competition
Characteristics of monopolistical...,
Profit maximising in sr,
Draw a monopolistically competiti...
6
cards
Microeconomics - Oligopoly
Characteristics of an oligopoly,
Collusive oligopoly,
Non collusive oligopoly
8
cards
Microeconomics - Monopoly And Monopoly Power
What can monopoly power be influe...,
Advantages of monopoly,
Advantages of monopoly
4
cards
Microeconomics - Price Discrimination
What is price discrimination,
What is first degree price discri...,
What is second degree price discr...
4
cards
Microeconomics - Contestable And Non Contestable Markets
Characteristics of contestable ma...,
Types of barrier to entry and exit
2
cards
Microeconomics - Discrimination In Labour Market
Why might workers be discriminate...
1
cards
Microeconomics - Influences upon the supply of labour to different markets
Factors that influence the supply...,
The supply of labour is affected by
2
cards
Microeconomics - The determination of relative wage rates and levels of employment in perfectly competitive labour markets
Draw a labour market diagram,
What happens to the demand curve ...,
What would happen in the diagram ...
3
cards
Microeconomics - The determination of relative wage rates and levels of employment in imperfectly competitive labour markets
Monopsony power,
Why is the mc curve steeper than ...,
What point is the profit maximisa...
6
cards
Microeconomics - The influence of trade unions in determining wages and levels of employment
What happens if trade union try a...
1
cards
Microeconomics - The national minimum wage
What is the national minimum wage...,
Negatives of national minimum wage,
Positives of a national minimum wage
3
cards
Microeconomics - Government failure
Causes of government failure
1
cards
Microeconomics - Government intervention in markets
Why do governments intervene in m...,
What are indirect taxes,
Draw a diagram for ad valorem tax
20
cards
Microeconomics - Public ownership, privatisation, regulation and deregulation of markets
Arguments for the public ownershi...,
Arguments against the public owne...,
Why governments use regulation
5
cards
Microeconomics - Market Imperfections
Symmetric information,
Asymmetric information,
Imperfect information
8
cards
Microeconomics - Merit and demerit goods
What are negative externalities c...,
What are positive externalities c...
2
cards
Microeconomics - Positive and negative externalities in consumption and production
Define externalities,
Private costs,
Social costs
8
cards
microeconomics - The meaning of market failure
Types of market failure,
Complete market failure,
Partial market failure
3
cards
Microeconomics - How markets and prices allocate resources
The price mechanism,
What are the three main functions...,
Advantages of the price mechanism
4
cards
Microeconomics - Economies and diseconomies of scale
Internal economies of scale,
Types of internal economies of scale,
External economies of scale
7
cards
Macroeconomic Definitions
Circular flow of income,
The multiplier effect,
Marginal propensity to consume
17
cards
Stuff
Cyclical unemployment,
Frictional unemployment,
Real wage unemployment
45
cards
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Economics
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