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Ayo Ayinde
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Decks in this class (85)
demand supply and market equilibrium
Law of supply,
Contraction of supply,
Extension of demand
25
cards
key phrases
Postive statement,
Normative statement,
Oppotnity cost
6
cards
division of labour
Definition of division of labour,
Advantages,
Disadvantages
4
cards
elasticity
When is a product price inelastic...,
When is a product price inelastic,
What would be the result of an in...
40
cards
types of economy
Free market economy,
Free market economy characterises,
Command or planned economy
6
cards
nimonics
Psnc,
Pints,
Splat
3
cards
taxes and surplus
What is an indirect tax,
What is the incidence of tax,
What is consumer surplus
33
cards
externalites
Externality spillover effect,
Marginal social costs benefits,
Marginal private cost benefit
25
cards
market failure externalities some other stuff
What are two main types of effici...,
Define productive efficiency,
When is allocative efficiency be ...
39
cards
government intervention to correct market failure
What are the main forms of govern...,
Define indirect taxation,
Market failures corrected by indi...
35
cards
review micro test
A demand curve is drawn on the as...,
Define government failure and giv...,
Subsiding consumers merit good
3
cards
definitions
Price mechanism,
Define market failure,
Definition of division of labour
21
cards
revision workbook year 1
Explain the basic economic problem,
Explain the likely impact on the ...,
The ppf is an economic model of t...
21
cards
costs
How do you calculate total revenue,
Marginal revenue,
Where on a diagram is marginal re...
43
cards
costs test apas
Long term,
Short term,
Define mc
13
cards
monopolist markets
Allocative efficiency,
Productive efficiency definition ...,
Dynamic efficiency
26
cards
oligopoly and collusion
Characteristics of an oligopoly,
Reasons for collusive behaviour,
Costs of collusion
15
cards
oligopoly questions from book
Explanation of one pricing strate...,
Explanation of one non pricing st...,
Overt collusion
10
cards
monopolies
What is monopoly power influenced by,
Costs to consumers of monopolies,
Benefits for consumers of a monopoly
10
cards
constable markets
Constanbke markets,
Firms become less contestable if ...,
Examples of constable markets
5
cards
businesses
Why do some firms choose to profi...,
Principle agent theory,
Profit organisation
20
cards
theme 3 first two topics review
Why firms remain small or why the...,
What is profit maximisation,
What is profit satisfying
12
cards
economics of scale model answer
Model diagram answer
1
cards
model answers costs and revenues
Fall in variable costs,
Fall in fixed costs,
Fall in demand ar
3
cards
model answer traiff and j curve
J curve,
Tariff digram
2
cards
objective formulas, efficacy
Mc mr,
Mc ar,
Mc atc
19
cards
asses whether firms in perfect competition and imperfect competition are efficient
Imperfect competition,
Perfect competition
2
cards
government intervention 3
How do governments control monopo...,
Price regulation,
Profit regulation
19
cards
the 4 types of regulators
Ofcom,
Ofwat,
Ofgem
4
cards
money
Charcytericts of money,
Functions of money
2
cards
labour elastics
Insignificant rise in total cost,
What happens if the supply for la...
2
cards
labour markets
What are nominal wages,
What are real wages,
What do most workers expect in te...
12
cards
labour markets supply side
The supply of labour,
The wage rate,
The size of the working population
16
cards
wage differentials
Wage differentials,
Human capital differences,
Formal education
6
cards
factors of supply and demand
Factors that affect demand,
Factors that affect supply
2
cards
determinate of the elastic demand for labour
Elasticity of demand for the product,
Time,
Availability of subsitiues
4
cards
determinants of the elastic of supply of labour
Elasticity of supply of the product,
Time,
Avalibality of subsidies
4
cards
short run supernormal profit in perfect competition
Short run supernormal profit in p...,
Long run normal profit in p erfec...,
Long run normal profit in p erfec...
5
cards
review 1
A tax imposed on a packet of ciga...,
Explain one barrier to entry that...,
Explain one conidition under whic...
28
cards
perfectly competitive markets
What are the characteristics of a...,
Draw the short run equilibrium fo...,
Advantages on a perfectly competi...
4
cards
monopolistic comeptive markets
Disadvantages of monopolistically...,
Advantages of monopolistically co...,
Chartericts of monopltic competition
3
cards
price discrimination
Third degree price discrimination,
Costs to consumers of monopolies,
Benefits for consumers of a monopoly
5
cards
Monopsony
Monopsony,
Cost of a monopsony,
Benefits of a monopson
5
cards
excess demand and excess supply
Excess demand,
Excess supply
2
cards
unlearn KAA NMW
Wages will be stuck at the nation...,
Prevents monospont explonation,
More income for workers
9
cards
Unlearn eval NMW
Unemployment however,
Increase labour octs,
Reduces competivness
7
cards
Unlearn Conclusion NWM
Conclusion
1
cards
tutor 2 review
The term the prinicapla agent pro...,
What is the problem with the prin...,
Explain one advantage to the firm...
26
cards
constistablity
Lower barriers to entry,
Government intervention to increa...,
Evaluation older generation
6
cards
expert tuition
Price cap,
Regulator
2
cards
evaluation of demergers
Synergies,
Support,
Job
3
cards
price discrimination
But whywhy do train lines charge ...,
For instance people who are young...
2
cards
perfect competition unlearn
A firm in perfect competition ach...,
In a perfectly competitive market...,
In the long run firms in perfect ...
4
cards
cramp past paper
Explain why economics is a social...,
Explain one advantage of the spec...,
Expain why the majority of spendi...
9
cards
RPI SHIT
They first calculate rpi which is,
If rpi is 3 and x efficiency gain...
2
cards
last review of the book theme 3
Explain what is meant by the divo...,
Outline one difference between a ...,
Reasons why a firm may undertake ...
32
cards
external economies of scale
What are the 4 external economic ...,
Infrastructure,
Skilled labour
5
cards
Econ 201
If a perfectly competitive indust...,
If the law of diminishing margina...,
The difference between economic p...
24
cards
disccusion 8,9,10
Five assumptions of a perfectly c...,
Where does the agency problem exsist,
Shirking
29
cards
clicker questions
If a perfectly competitive indust...,
For a monopolist the price of the...,
The u shape of the average total ...
14
cards
discussion 12,13
Marginal social cost,
Marginal social benefit,
Efficient outcome
16
cards
econ final elzenga section 1
Microeconomics,
Economic reasoning,
Marginal cost
16
cards
econ final elzenga section 2
Invisible hand theorem,
Efficiency,
Economic institutions
25
cards
econ final elzenga section 3
Us economy divisions,
Factor market,
Goods market
21
cards
econ final elzenga section 4
Supply,
Quantity supplied,
Positive supply shift
17
cards
econ final elzenga section 5
Price elasticity of demand,
The price of a good usually must ...,
In a market economy a surplus of ...
20
cards
econ final elzenga section 6
Which of the following is true of...,
Suppose a single firm supplies al...,
What is the effect of imposing a ...
19
cards
econ final elzenga section 7
The efficient markets hypothesis,
The emh theory of investing would...,
In the post world war ii period t...
19
cards
econ final elzenga section 8
The law of demand says that the l...,
Which of the following statements...,
An increase in demand for a good ...
22
cards
econ final elzemhga section 9
Alfred marshall,
Marginal cost,
Substitutes
19
cards
econ final elzenga sectuon 10
Perfect competition characteristics,
Profit maximizing rule,
Inequality aversion
21
cards
econ final elzenga section 11
Post tax income,
In kind income,
Income is a variable
25
cards
econ final elzenga section 12
Factors that affect the number of...,
Elasticity of demand 1,
Elasticity of demand 1
25
cards
econ fonal elzenga section 13
Conspicuous consumption,
Thorstein veblen,
Assumptions of the theory of rati...
17
cards
econ final elzenga
Zero profit case,
Shutdown point,
Firm continues to produce in shor...
14
cards
econ final elzanga
Depreciation,
Perfectly competitive market,
Assumption of perfect competition
21
cards
econ final elzenga 15
Market failure,
Sources of market failure,
Government failure
21
cards
econ final elzenga
The income effect,
Substitution effect,
What is the elasticity of the mar...
16
cards
econ final elzenga last one
Lorenz curve,
Reasons income inequality in the ...,
Reason trend back towards inequal...
15
cards
coolander
Disadvantages of shifting ppf,
Two things ppf demonstrates,
Markets work through a system of
13
cards
colander 2
Market economy,
Movement along a demand curve,
Movement along a supply curve
21
cards
review of paper
Economics when should a firm redu...,
Economics when should a firm incr...,
In the language of economics rent is
35
cards
coolandewr review internet
Coercion,
Steve levitt,
Implicit costs
22
cards
econ minute the most recent one
What about,
Does money buy happniess,
What are the three stages and the...
9
cards
the people i need to know
Adam smith,
Grey becker,
Danny conneman
8
cards
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