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Decks in this class (50)
MONOPOLY
What is a monopoly,
What is a legal monopoly,
What is a pure monopoly
27
cards
Economic Methodology
What type of science is economics,
What is ceteris paribus,
Why do economists assume ceteris ...
6
cards
Positive And Normative Statements
What is a positive statement,
What is a normative statement
2
cards
The Economic Problem
What is an opportunity cost,
What is an economy
2
cards
PPF
What does ppf stand for,
What is the purpose of the ppf,
When on the ppf line
4
cards
Introduction To Demand
What is demand,
Why does the demand curve always ...,
When is there an extension in demand
4
cards
PED
What is ped,
What is the equation for ped,
What will happen to ped if price ...
12
cards
Shifts In Demand
What happens to demandwhen price ...,
What factors shift the demand cur...,
What are normal goods
6
cards
Income Elasticity Of Demand
What is the equation for income e...,
What is yed,
What is an inferior good
7
cards
Cross Elasticity Of Demand
What is the formula for xed,
What is xed,
What good will always be negative...
5
cards
Introduction To Supply
What is supply,
Why does quantity supplied increa...,
Why do supply curves slope upwards
6
cards
Price Elasticity Of Supply PES
What is pes,
Fomula for pes,
What do all pes have in common
26
cards
Shifts In Supply
What factors effect supply,
What are the factors that affect ...
2
cards
Market Failure Introduction
What is market failure,
What might cause market failure
2
cards
Negative Externalities
What is price mechanism,
What is a negative externality,
Negative consumption externalitie...
29
cards
Positive Externalities
What are positive externalities,
Where is the market equilibrium,
Since producers and consumers don...
10
cards
Market Structures Introduction
What are the 5 market structures,
What is a n firm concentration ratio
2
cards
Perfect Competition
What is perfect competition,
What are the key features of perf...,
What does it mean if there are no...
10
cards
Specialisation And Division Of Labour And Exchange
What is productivity,
What is labour productivity,
What is the division of labour
13
cards
Types Of Government Failure
What are the 4 types of governmen...,
How can the government correct ma...,
What is government failure
10
cards
Partial Vs Complete Market Failure
What is market failure,
What are the 7 reasons for market...,
What are the 3 market perfections
7
cards
Factor Immobility
What is occupational immobility,
What is structural unemployment,
How can the government intervene ...
6
cards
Public Goods
Examples of public goods,
What is non excludble,
What is non rival
12
cards
Supply And Demand Shifts
What is excess demand,
What is excess supply
2
cards
Inequitable Distribution
What is inequitable distribution,
What dies equitable and inequitab...,
What is income
7
cards
Market Interrelationship
What is interrelationships betwee...,
When are goods in competing demand,
What is composite demand
7
cards
Consumer Behaviour
Marginal utility,
Total utility,
What is diminishing marginal utility
16
cards
Information Gaps
What is information gaps,
What are the 2 types of informati...,
What is incomplete information
6
cards
Consumer And Producer Surplus
Demand curve is equal to the,
What does the demand curve tell us,
What is the law of diminishing ma...
8
cards
Change In Consumer And Producer Surplus
What is producer surplus,
What is consumer surplus
2
cards
Merit And Demerit Goods
What are merit goods,
What are demerit goods,
Costs to nhs due to demerit goods
4
cards
Monopoly Power
Monopoly power occurs when,
Example of monopoly power,
Why is monopoly power another cau...
4
cards
Revenue
What is total revenue,
Total revenue formula,
What is average revenue
15
cards
Costs
What is short run,
What is the long run,
What are variable costs
29
cards
Profit
Equation to calculate profit,
When is there normal profit,
What happens when making less tha...
4
cards
Types Of Efficiency
What are the types of efficiency,
What is productive efficiency,
Where would a productively effici...
8
cards
Business Objectives
How is market share measured,
When does a firm revenue maximise,
What is sale maximisation
5
cards
Business Growth
Why may a firm want to grow,
Why may a firm not want to grow,
What might firms experience as th...
5
cards
Contestability
What assumptions do economists ma...,
What are the 4 barriers to entry,
Legal barriers examples
5
cards
Monopolestic Competition
What are the key features of a mo...,
What profits does monopolistic co...
2
cards
Technological Change
What is innovation,
What are the 5 main impacts from ...,
What is creative destruction
5
cards
Regulation And Competition Policy
What are the 4 key types of regul...,
What is the merger policy,
What is price regulation
29
cards
Oligopoly
What are the key features of a ol...,
What is overt collusion,
What is collusion
16
cards
Wage Discrimination
What is a wage differential,
What is wage discrimination
2
cards
Labour Market Introduction
What is the marginal physical pro...,
What is marginal revenue,
What is the marginal revenue prod...
3
cards
Labour Market Elasticities
What are the three factors that a...,
Easy to substitute means that dem...,
Hard to substitute means that dem...
12
cards
Labour Market Shifts
What is derived demand,
What happens to labour if capital...,
What happens if workers move from...
6
cards
Monopsony
What is monopsony,
What is a monopsony labour market,
In a perfectly competitive labour...
9
cards
Poverty
2 types of poverty,
What is absolute poverty,
What is relative poverty
7
cards
Inequality
What are the 2 tupes of inequali,
What does income measure,
What is income inequality
11
cards
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Micro
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