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Economics- Theme 3

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

By: Daisy Philp
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Decks in this class (19)

1- Business Growth
What is a small and medium enterp...,
What is a social enterprise,
What is a nationalised business
50  cards
2- Revenue
Revenue definition,
Price taker definition,
Price maker definition
9  cards
3- Production
0  cards
4- Costs
Total cost definition,
Average cost definition,
Fixed cost
31  cards
5- Profit
Where on a graph is the profit ma...,
When is normal profit achieved,
When is super abnormal profit ach...
21  cards
6- Business Objectives
0  cards
7- Market Structures
Types of market structures,
Characteristics of markets,
Possible barriers to entry
13  cards
8- Perfect Competition
Perfect competition market,
Buyers and sellers,
Price setting power
19  cards
9- Monopolistic Competition
Monopolistic competiiton,
Price setting power,
Number of buyers and sellers
14  cards
10- Oligopoly
Oligopoly,
Number of buyers and sellers,
Barriers to entry
46  cards
11- Monopoly
Monopoly,
Legal monopoly,
Pure monopoly
24  cards
12- Monopsony
Pure monopsony,
Benefits of monopsony,
Costs of monopsony
3  cards
13- Contestability
What is a contestable market,
Competition level in contestable ...,
Benefits of contestable markets
7  cards
14- Efficiency
Productive efficency definition,
At what point is a firm productiv...,
Allocative efficiency definition
11  cards
15- Natural Monopoly
What is a natural monopoly,
Characteristics of natural monopoly,
Why is it rational for one firm t...
13  cards
16- Demand for Labour
0  cards
17- Supply of labour
0  cards
18- Wage determination
0  cards
19- Government intervention
Why governments are concerned wit...,
Condition for mergers,
How the government can reduce mer...
10  cards

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Economics- Theme 3

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