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Decks in this class (21)
The Economic problem
What is the basic economic problem 1,
What are the 4 factors of product...,
What is an economic good 3
10
cards
The allocation of resources
What is allocative efficiency 1,
What is economic efficiency 2,
An incentive is 3
9
cards
Opportunity Cost
Opportunity cost is 1,
Ppf is a diagram that 2,
What is a trade off 3
7
cards
Specilisation and trade
What is specialisation 1,
What is division of labour 2,
What are some advantages of speci...
7
cards
Public goods
What is the free rider problem 1,
How does non rivality link to pub...,
How is a public good non excludab...
7
cards
Government intervention
What is a buffer stock scheme 1,
What is competition policy 2,
What is government failure 3
16
cards
Demand
What is demand 1,
What is marginal utility 2,
Why is the demand curve downwards...
11
cards
Supply
What is supply 1,
Why are supply curves upwards slo...,
Individual supply is 3
10
cards
Comsumer and producer surplus
Consumer surplus is 1,
Consumer surplus is always 2,
What demand curves give a larger ...
9
cards
The interaction of markets
What is the market clearing price 1,
When does excess demand occur 2,
When does excess supply occur 3
7
cards
Elasticity (Demand)
Elasticity is 1,
Ped is 2,
What is the ped formula 3
28
cards
Elasticity (Supply)
What is the price elasticity of s...,
What is the formula for pes 2,
If price is elastic 3
10
cards
The concept of the margin
What does thinking at the margin ...,
What is the formula for marginal ...,
When making decisions what can ma...
5
cards
Market Failure and Externalities
When does market failure occur 1,
What is an externality 2,
What are negative externalities 3
18
cards
Information Failure
What is symmetric information 1,
Awhat is asymmetric information 2,
What is imperfect information 3
7
cards
Business objectives
Profit maximisation is 1,
How is profit calculated 2,
When do firms break even 3
17
cards
Costs Of Economies of scale
What are fixed costs 1,
Variable costs 2,
How to calculate total cost 3
15
cards
Revenues and profit
What is tr 1,
What is ar 2,
Marginal rev 3
8
cards
Demand for labour
What is labour 1,
What is demand related to 2,
What are nominal wages 3
9
cards
Supply of labour
Supply of labour is calculated by 1,
Supply of labour is affected by 2,
What are transfer earnings 3
4
cards
The interaction of labour markets
What are wage differentials due to 1,
What is monopsony power 2,
Impacts of a monopsony employer 3
11
cards
More about
Micro Eco
- Class purpose General learning
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