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ruth mahase
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Decks in this class (71)
Production vs Productivity
What is primary production,
What is secondary production,
What is tertiary production services
13
cards
Factors of Production
What are fop,
What are the four factors of prod...,
Why are fops employed by owners
11
cards
Economic Systems
What is an economic system,
What are the 4 different types of...,
What are the 4 different types of...
15
cards
Division of labour
When does specilization occur,
What is division of labour,
What does division of labour ensure
7
cards
Section 3 Obj 1&2
What is a market,
What are market forces,
What is ceteris paribus
5
cards
Obj 3.3
What is demand,
What is demand derived from,
What is the law of diminishing ma...
20
cards
Obj 3.8
What causes movements along the d...,
What two possibilities does movem...,
Give an example of extension in d...
4
cards
Obj 3.7
What are two ways the demand curv...,
What is a rightward shift,
What is a leftward shift
4
cards
Obj 3.9-3.12
What is price elasticity,
What is price elasticity,
What are the three main determina...
8
cards
Analysis of PED 2
Perfectly inelastic,
Unitary elasticity,
Fairly inelastic
5
cards
Analysis of the PED
If the figure is greater than 1 then,
If the figure is less than 1,
1
11
cards
Factors affecting PED
Price of the good,
The number of uses of the good,
The degree of necessity of the good
4
cards
USES OF PED
Use formulating price strategies ...,
If the demand is found to be pric...,
If demand is found to be unitary
5
cards
Income elasticity of demand (YED)
Yed can be defined as,
How is yed calculated,
Yed formula
17
cards
FACTORS AFFECTING THE YED
List all 7 factors affecting the yed
1
cards
Uses of the YED
Sales forecasting,
Pricing policy,
What are the two uses of the yed
4
cards
Cross elasticity of demand
What is cross elasticity of demand,
Formula for xed,
Xed ve
6
cards
Uses of XED
Pricing for substitutes,
Brand and xed,
Identification of markets
4
cards
Demand/Supply in the market
What is a market,
What determines the price in the ...,
What does equilibrium mean
5
cards
Changes in Equilibrium Price and Quantity
When does market equilibrium chan...,
What does the third law of demand...,
What does the fourth law of deman...
3
cards
Increase/Decrease in demand (3rd law)
What are factors that can cause a...,
What type of shift would an incre...,
What happens from e0 to e1
8
cards
Increase/Decrease in Supply (4th law of demand and supply)
What causes an increase in supply,
An increase in supply would lead to,
What causes a decrease in supply
4
cards
Decrease/increase in demand decrease/increase in supply
A decrease in demand,
A decrease in supply,
What would happen when there is a...
8
cards
Increase/decrease in demand Increase/Decrease in supply
When there is an increase in dema...,
What happens when there is an inc...,
What happens at e1 when there is ...
5
cards
Market Disequilibrium
When does market disequilibrium o...,
What happens when p1 is not equal...
2
cards
Government interference with equilibrium prices
What does the government have the...,
What is a ceiling price,
What is a price floor
4
cards
Price ceiling (excess in demand, shortage in supply)
Look at diagram,
What is called a price ceiling,
Although price ceiling maximum pr...
4
cards
Price floor (shortage in demand, excess in supply)
What is a price floor,
What are price floors used for,
In the care of the labor market w...
5
cards
Section 2- Obj 2.3- Main sectors in an economy
A primary production,
B secondary production,
C tertiary production
3
cards
Section 2 Obj- 2.1 Production & productivity
Production,
What is productivity,
Law of productivity
16
cards
Short run/long run
Short run,
Long run,
Economies of scale long run
12
cards
Section 4 Revenue And Profits
Total revenue,
Average revenue ar,
Marginal revenue
7
cards
Productive And Allocative Efficiency
Economic efficiency,
Economic wellbeing,
Welfare
11
cards
Objective Of Firms
When does profit maximization occur,
A firm can increase its profit,
When mc
10
cards
Market Structure
Monopoly,
Oligopoly,
Monopolistic competition
8
cards
Perfect competition
Describe the market and its consu...,
How many suppliers are there,
What does it mean by product homo...
7
cards
Short run and long run eq. in P.C
What is the obj of all firms,
What is the firm s equillibrium,
When if profit maximized
6
cards
Abnormal profits, Losses, normal profits in short run
In the short run if the market pr...,
What would abnormal profits encou...,
As new firms enter
9
cards
Long run in the pc
The pc firm making abnormal profi...,
Since pc firms are price takers,
The pc curve making losses in the...
5
cards
Monopolistic comp
When does monopolistic comp exist,
In the short run,
Features of monopolistic comp
5
cards
ABNORMAL PROFITS MADE BY MONOPOLISTIC FIRM IN THE SHORT RUN ( AR> AC)
One common feature of oligopoly m...,
The downward sloping demand curve,
Review graphs
10
cards
Oligopoly
What is an oligopoly,
Price rigiity,
Price war
9
cards
Monopoly
What is a monopoly,
Features of monopoly,
Due to barriers of entry
3
cards
SECTION 5-Money
What is money,
What is commodity money,
What is fiat money
8
cards
Features/functions of money + Money supply
It must be homogenous,
It must be divisible,
It must be portable
7
cards
functions of money
A medium of exchange,
A store of value
2
cards
the money supply
Narrow money m1,
Broad money,
Coins
14
cards
Demand and supply of money
What is the money market,
What do consumers and businesses ...,
What is the keynesian liquidity p...
18
cards
Financial sector
What is the financial sector,
What do these businesses act as,
What does the financial sector co...
3
cards
Functions of the financial sector
A safe haven for savings 4,
It provides the govt with a sourc...,
It provides private individuals w...
8
cards
Financial instruments
Who issues financial instruments,
What do financial instruments pro...,
What exactly are securities
11
cards
monetary policy
What does monetary policy aim to do,
Monetary and fiscal policy are ma...,
What does monetary policy address
10
cards
Tools of monetary policy
What do these tools do,
Repo rate,
Discount rate
10
cards
Government sectors
List what the public sector compr...,
Central govt,
Local govt
12
cards
Sources of Govt revenue
List all the sources of govt reve...,
Direct tax,
List types of direct tax 4
15
cards
Tax structures
Describe the tax burden,
List the 3 types of tax structures,
Progressive tax structure
10
cards
National Budget
What,
The 2 main obj of the budget are to,
When is the budget surplus
10
cards
Govt borrowing
What is public sector borrowing r...,
What does psbr include,
How can the psbr be met
6
cards
Fiscal Policy
Describe fiscal policy,
What can fiscal policy be broken ...,
What is expansionary fiscal policy
13
cards
Distinction between National Income (GDP) vs Disposable Income
What is national income or gdp,
What is disposable income,
What is national income
9
cards
GDP
What is gdp,
What is gdp used for,
What are the 3 methods of calcula...
7
cards
GDP definitions
Investment,
Govt expenditure,
Exports
6
cards
Income method
1 gdp,
2 gdp,
Tot national income
7
cards
Output method/value added approach
Gdp,
How does the output method measur...,
Intermediate goods
4
cards
RELATIONSHIP BETWEEN ECONOMIC GROWTH AND TAXATION
I introduction to economic growth,
Key indicators of economic growth,
Role of government in economic gr...
6
cards
Gross National Product
What is gnp,
Gnp,
Gnp 2
15
cards
Net national product
0
cards
GDP formulas
Gdp at market cost,
Gdp at factor cost,
Gdp per capita
6
cards
GDP deflator
What does gdp deflator do,
The gdp deflator considers,
At
15
cards
Outputs
Nominal output,
Real output,
Potential output
4
cards
Terms of Trade
1
cards
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