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economics keyterms backwards

This class was created by Brainscape user matt foulerton. Visit their profile to learn more about the creator.

By: matt foulerton
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Decks in this class (10)

1 - the theory of production
Fixed costs plus variable costs,
Costs of production that do not v...,
Costs of production that vary wit...
21  cards
2 - the objective of firms
When total income or revenue is g...,
What the firm receives for the sa...,
Total revenue number sold
30  cards
3 - competitive markets and perfect competition
All the products are the same irr...,
The optimum allocation of scarce ...,
The optimum combination of fixed ...
6  cards
4 - concentrated markets: theory of monopoly
Obstacles that stop new firms ent...,
The gap between the actual and lo...,
A grant of temporary monopoly rig...
16  cards
5 - concentrated markets: theory of oligopoly
Where a few large firms have the ...,
The proportion of the market shar...,
Setting a price that may bankrupt...
24  cards
6 - competition policy and contestable markets
The existing firms in the industry,
Where there is free entry and fre...,
Methods that the uk government an...
19  cards
7 - the labour market: demand and supply
Occurs when the demand for a fact...,
Key theory underpinning the deman...,
The value of the physical additio...
15  cards
8 - the labour market: wage determination
The payment received by a factor ...,
The minimum payment needed to kee...,
An organisation of workers who jo...
10  cards
9 - the distribution of income and wealth
A stock of valuable assets,
Wealth that can be transferred to...,
Wealth specific to a person which...
14  cards
10 - government intervention in the market
Where the free market fails to ac...,
When firms are not producing at m...,
When resources are not sure to pr...
11  cards

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economics keyterms backwards

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