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Decks in this class (26)
1.1- The economic problem
What is the economic problem 1,
True or false scarcity is a situa...,
What are the three basic economic...
31
cards
1.2-The allocation of resources
What is the definition of resourc...,
True or false scarcity necessitat...,
What are the three main types of ...
30
cards
1.3-Opportunity Cost
What is the definition of opportu...,
True or false opportunity cost on...,
Fill in the blank opportunity cos...
31
cards
2.1-Specialisation and trade
What is specialization in economi...,
True or false specialization can ...,
What is the primary benefit of tr...
31
cards
2.10-Public goods
What is a public good 1,
True or false public goods can be...,
Fill in the blank public goods ar...
33
cards
2.11-Government intervention
What is government intervention i...,
True or false government interven...,
Name one reason why governments i...
31
cards
2.2-Demand
What is demand in microeconomics 1,
True or false demand always incre...,
What is the law of demand 3
29
cards
2.3-Supply
What is supply in economics 1,
What is the law of supply 2,
True or false supply curves typic...
32
cards
2.4-Consumer and producer surplus
What is consumer surplus 1,
What is producer surplus 2,
True or false consumer surplus in...
31
cards
2.5-The interaction of markets
What is the definition of a market 1,
True or false a perfectly competi...,
What does the law of demand state 3
32
cards
2.6-Elasticity
What is elasticity in economics 1,
What does price elasticity of dem...,
What is the formula for calculati...
39
cards
2.7-The concept of the margin
What does marginal refer to in ec...,
True or false marginal cost is th...,
Fill in the blank marginal utilit...
24
cards
2.8-Market failure and externalities
What is market failure 1,
True or false externalities can l...,
Fill in the blank a _______ exter...
30
cards
2.85-Example of market failure-environment
What is market failure 1,
What is an example of environment...,
True or false market failure can ...
25
cards
2.9-Information failure
What is information failure 1,
True or false information failure...,
Fill in the blank information fai...
32
cards
3.1-Business objectives
What is the most important object...,
When do firms break even 2,
When does profit maximisation occ...
16
cards
3.2-Costs and economies of scale
What is the definition of costs i...,
What are fixed costs 2,
What are variable costs 3
31
cards
3.3-Revenue and profit
What is total revenue 1,
How is total revenue calculated 2,
What is marginal revenue 3
29
cards
4.1-Perfect competiton
What is perfect competition 1,
True or false in perfect competit...,
What are the four main characteri...
40
cards
4.2-Monopoly
What is a monopoly 1,
True or false a monopoly exists w...,
What is the main characteristic o...
39
cards
4.3-Monopolistic Competition
What is monopolistic competition 1,
True or false in monopolistic com...,
Fill in the blank monopolistic co...
38
cards
4.4-Oligopoly
What is an oligopoly 1,
True or false in an oligopoly fir...,
Fill in the blank oligopolistic f...
39
cards
4.5-Contestable markets
What is a contestable market 1,
True or false contestable markets...,
What is the significance of sunk ...
37
cards
5.1-Demand for labour
What is the definition of demand ...,
True or false the demand for labo...,
What factors can shift the demand...
29
cards
5.2-Supply of labour
What is the definition of the sup...,
True or false the supply of labou...,
What factors influence the supply...
31
cards
5.3-The interaction of labour markets
What is the definition of a labou...,
True or false the demand for labo...,
Fill in the blank the _____ curve...
31
cards
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Micro Economics
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