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Economics Theme 3

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

By: Rehan Ghafoor
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Decks in this class (15)

3.1.1 Sizes & Types of Firms
Why do firms seek growth,
How does increasing firm size lea...,
How does increasing firm size lea...
17  cards
3.1.2 Business Growth
Organic growth definition,
Limitations to organic growth,
Why can diversification be a dang...
23  cards
3.2 Business Objectives
When does revenue maximisation occur,
Why might a business want to reve...,
Where does sales maximisation occur
10  cards
3.3.1-2 Costs & Revenues
Short run period,
Law of diminishing returns,
Sunk costs
17  cards
3.3.3 Economics/Diseconomies of Scale
Constant returns to scale,
Increasing returns to scale,
Decreasing returns to scale
17  cards
3.3.4 Normal & Supernormal Profits, and Losses
Normal profit,
Supernormal profit,
Profit
6  cards
3.4.1 Efficiency
Efficiency definition,
Productive efficiency,
Allocative efficiency
7  cards
3.4.2 Perfect Competition
Assumptions of perfect competitio...,
Many participants,
Homogenous product
10  cards
3.4.3 Monopolistic Competition
Characteristics of monopolistic c...,
Product differentiation in monopo...,
Freedom of entry in monopolistic ...
6  cards
3.4.5 Monopoly
Monopoly market definition,
Assumptions of monopoly model,
Monopoly diagram
13  cards
3.4.4 Oligopoly
How to calculate n firm concentra...,
Drawbacks of calculating concentr...,
Oligopoly market definition
20  cards
3.4.6 Monopsony
Monopsony definition,
Monopsony power definition,
How are suppliers affected by mon...
6  cards
3.4.7 Contestability
Conditions for a market to be con...,
Contestable market definition,
Sunk costs definition
6  cards
3.5 Labour Market
Derived demand,
Movements vs shifts in demand for...,
Factors that shift demand curve f...
26  cards
3.6 Government Intervention
Why would gov intervene when ther...,
Cma,
Surrogate competition
44  cards

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Economics Theme 3

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