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Ben Tanner
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Decks in this class (56)
Economic Methodology
What is the definition of economics,
What are economic agents and what...,
What are the three key economic d...
20
cards
1. Individual Economic Decision Making - Utility Theory
What do consumers always seek to ...,
What is utility,
What is marginal utility and how ...
7
cards
2. Individual Economic Decision Making - Imperfect Information & Decision Making
What may prevent consumers from a...,
What are the two types of informa...,
What are the consequences of lack...
4
cards
3. Individual Economic Decision Making - Behavioural Economics
What is the basic idea behind beh...,
Where may behavioural economics p...,
Why according to behavioural econ...
5
cards
4. Individual Economic Decision Making - Behavioural Economics & Biases
What do behavioural economics cal...,
What are the 7 different types of...,
What is anchoring
11
cards
5. Individual Economic Decision Making - Nudge Policy
How do nudge policies differ from...,
What are the 5 choice architectur...,
How could framing be used as a po...
9
cards
Price Determination
What is a market,
New markets always have to be phy...,
What is a commodity market
55
cards
1. Production, Costs & Revenue - MR, AR & TR
In which two market structures wi...,
What conditions differentiate per...,
How do we work out tr
12
cards
2. Production, Costs & Revenue - Diminishing Returns
Which factors of production are c...,
What is marginal product,
What is average product
6
cards
3. Production, Costs & Revenue - FC & VC
What are fixed costs,
What are some examples of fixed c...,
On a graph what is the difference...
6
cards
4. Production, Costs & Revenue - MC & AC
What is total cost,
What is marginal cost,
How do you calculate marginal cost
5
cards
5. Production, Costs & Revenue - TC
What is the shape of the total fi...,
What is the shape of the total va...,
What is the shape of the total co...
3
cards
6. Production, Costs & Revenue - AR & MR
What are the two different types ...,
What are the necessary conditions...,
Why are firms are price takers in...
8
cards
7. Production, Costs & Revenue - Returns to Scale
What is the difference between th...,
What can occur in the long run wh...,
What does the long run average co...
10
cards
8. Production, Costs & Revenue - Economies & Diseconomies of Scale
What are the two different types ...,
What are internal economies of scale,
What are external economies of scale
10
cards
9. Production, Costs & Revenue - Profit
How do you calculate profit,
What makes up tc,
What does an economist call 0 eco...
11
cards
10. Production, Costs & Revenue - Technological Change
Reasons for tech change,
What are the two aspects of tech ...,
What is invention
13
cards
11. Production, Costs & Revenue - Dynamics of Competitive Market Processes
What are the likely benefits to c...,
What is the process of creative d...,
What are the justifications for a...
4
cards
Production, Costs & Revenue (12) (AS overall)
What are fixed costs,
What are variable costs,
What are and how do you calculate...
38
cards
Concentrated and Competitive Markets
What is the spectrum of market co...,
What are the special features of ...,
What are the three things consume...
15
cards
1. Market Structures - PC
What market concentration is a pc...,
What are the conditions for a pc ...,
What does it mean to say firms ar...
6
cards
2. Market Structures - Monopoly
What are the conditions for a mon...,
How do the curves etc differ from...,
What sort of profits are made in ...
4
cards
3. Market Structures - Monopolistic
What are the conditions for a mon...,
How do the curves etc differ from...,
What sorts of profit are made in ...
4
cards
4. Market Structures - Oligopoly
What are the necessary conditions...,
What are the two potential explan...,
How does the kinked demand curve ...
12
cards
5. Market Structures - Firm Objectives
What is the primary objective of ...,
What is managerial utility maximi...,
What are two other potential obje...
16
cards
6. Market Structures - Spectrum of Market Structures
What is the spectrum of market st...
1
cards
7. Market Structures - Price Discrimination
What is price discrimination,
What features are necessary for f...,
What are the three different degr...
11
cards
8. Market Structures - Contestability of Markets
What are contestable and non cont...,
What are the features of perfectl...,
What are the consequences of a mo...
4
cards
1. Labour Markets - Labour Demand & MRP (Individual)
What is demand for labour,
Who demands labour and who suppli...,
What type of demand is demand for...
11
cards
2. Labour Markets - Labour Demand & MRP (Firm)
What does the demand curve for la...,
What type of relationship is ther...,
Essentially what dictates the sha...
4
cards
3. Labour Markets - Labour Demand & MRP criticisms
What is an assumption of the mrp ...,
How does teamwork create problems...,
How does self employment create p...
5
cards
4. Labour Markets - Labour Demand Shifts
What is mnemonic for remembering ...,
What are the four key things that...,
How does the price of the final p...
6
cards
5. Labour Markets - Labour Demand Elasticity
What is the elasticity of labour ...,
What does it mean to have an elas...,
What does it mean to have an inel...
9
cards
6. Labour Markets - Labour Supply (Individual)
What is the key choice individual...,
What two key principles determine...,
How can the income effect shape t...
7
cards
7. Labour Markets - Labour Supply Curve (Market)
What shape is the supply curve fo...,
Why is the individual supply curv...,
What effect will a rise fall in r...
6
cards
8. Labour Markets - Labour Supply Shifts
What do we call factors separate ...,
What are the 7 non wage determina...,
How do wages in substitute profes...
9
cards
9. Labour Markets - Labour Supply Elasticity
What is the elasticity of labour ...,
What would an elastic or inelasti...,
What are the 4 determinants of el...
7
cards
10. Labour Markets - PC Labour Markets
What are the five characteristics...
1
cards
11. Labour Markets - Wage Determination in a PC Labour Market
How are wages determined in a per...,
How do firms make effective econo...,
Up to what point will firms emplo...
4
cards
12. Labour Markets - Wage Differentials & Market Imperfections
What implies that there are imper...,
What creates wage differentials,
How does differentiated labour cr...
7
cards
13. Labour Markets - Monopsony Labour Markets
What is a monopsony,
Give two examples of professions ...,
How to monopsony employers differ...
8
cards
14. Labour Markets - Trade Unions in Labour Markets
What is a trade union,
When are trade unions strongest,
What does a trade union labour ma...
6
cards
15. Labour Markets - Trade Unions in Monopsony Labour Markets
What do trade unions do,
How will tus act in monopsony mar...,
What happens to monopsonys at the...
9
cards
16. Labour Markets - National Minimum Wage
What are the arguments for the nmw 1,
What are the arguments for the nmw 2,
What are the arguments against th...
4
cards
17. Labour Markets - Wage Differentials & Discrimination
What are the economic arguments b...,
What is the non economic argument...,
What are the economic arguments b...
10
cards
1. Income and Wealth: Poverty and Inequality - Reasons for Distribution
What is income,
What is wealth,
What are assets
9
cards
2. Income and Wealth: Poverty and Inequality - Inequality, Measures
What are the two methods to measu...,
What are the axis labels for the ...,
What line shows perfect equality ...
9
cards
3. Income and Wealth: Poverty and Inequality - Poverty, Causes & Types
What are the two types of poverty,
What is absolute poverty,
What is relative poverty
8
cards
4. Income and Wealth: Poverty and Inequality - National Minimum Wage
What are the arguments for a nmw,
What are the arguments against th...
2
cards
5. Income and Wealth: Poverty and Inequality - The Laffer Curve
What does the laffer curve show,
What happens if the gov increase ...,
What does the laffer curve look l...
3
cards
6. Income and Wealth: Poverty and Inequality - Inequality, Policies to reduce it
What are the possible policies th...,
How may tax be used to redistribu...,
How may benefits be used to redis...
7
cards
The Market Mechanism, Market Failure and Government Intervention
What does the price mechanism do ...,
What are the three key functions ...,
What does price do through these ...
47
cards
1. The Market Mechanism, Market Failure and Government Intervention - Competition Policy
Who enacts competition policy,
What are the aims of the competit...,
When will we see competition policy
11
cards
2. The Market Mechanism, Market Failure and Government Intervention - Types of Regulation
What is privatisation,
What is the aim idea behind priva...,
What are the advantages of privat...
13
cards
3. The Market Mechanism, Market Failure and Government Intervention - Tragedy of the Commons
What is the tragedy of the commons,
What is the assumption of the tra...,
What hypothetical example is used...
5
cards
4. The Market Mechanism, Market Failure and Government Intervention - The Price Mechanism
What are the advantages of the pr...,
What are the disadvantages of the...,
Where wouldnt you want to extend ...
3
cards
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Economics - MicroEconomics
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