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Decks in this class (52)
1.2 Nature and Purpose of Economic Activity
Economic problem definition 1,
Central purpose of economic activ...,
Three key economic decisions 3
11
cards
1.3 Economic Resources
Factors of production earn reward...,
Four factors of production 2,
Land as a factor of production 3
7
cards
1.4 Scarcity, Choice and Allocation of Resources
What does a rational consumer eco...,
What does a rational worker econo...,
What does a rational producer eco...
6
cards
1.5 Production Possibility Diagrams
What do all of the points on the ...,
Ppcs illustrate 2,
Consumption goods definition 3
13
cards
2.1 Consumer Behaviour
Homo economicus 1,
Maximisation 2,
Economic objectives 3
11
cards
2.2 Imperfect Information
Information failure occurs where ...,
Symmetric information 2,
Information asymmetry 3
8
cards
2.3 Aspects of Behavioural Theory
Behavioural economics 1,
Bounded rationality suggests peop...,
Bounded self control 3
11
cards
2.4 Behavioural Economics Policy
Choice architecture 1,
Framing 2,
Libertarian paternalism 3
12
cards
3.1 Determinants of Demand
What relationship does a demand c...,
Demand definition 2,
Determinants of demand 3
20
cards
3.2 Elasticity of Demand
Price elasticity of demand defini...,
Ped coefficients 2,
Can perfectly elastic or inelasti...
15
cards
3.3 Determinants of Supply
What relationship does the supply...,
Definition of supply 2,
Determinants of supply 3
14
cards
3.4 Price Elasticity of Supply
Price elasticity of supply defini...,
Pes coefficients 2,
Determinants of elasticity of sup...
4
cards
3.5 Determination of Equilibrium Market Prices
Market equilibrium definition 1,
Market clearing price definition 2,
How excess supply occurs 3
5
cards
3.6 Interrelationship Between Markets and Market Forces
Competitive market definition 1,
Complementary products definition 2,
Substitute products definition 3
16
cards
4.1 Production and Productivity
Factor output from land 1,
Factor output from labour 2,
Factor output from capital 3
15
cards
4.2 Specialisation, Division of Labour & Exchange
Specialisation 1,
Division of labour 2,
Barter 3
11
cards
4.3 Diminishing Returns and Returns to Scale
Short run 1,
Sunk costs 2,
Long run 3
15
cards
4.4 Costs of Production
Fixed costs 1,
Average fixed cost equation 2,
Variable cost 3
9
cards
4.5 Economies and Diseconomies of Scale
Economies of scale 1,
Internal economies of scale 2,
External economies of scale 3
20
cards
4.6 & 4.7 Marginal, Average and Total Revenue & Profit
Marginal revenue 1,
Average revenue calculation 2,
Total revenue 3
7
cards
4.8 Technological Change
Invention definition 1,
Innovation definition 2,
How it affects market structure 3
8
cards
5.1 Market Structure
Market 1,
Market structure 2,
Government solutions 3
9
cards
5.2 Objectives of Firms
Profit maximising 1,
Profit satisficing 2,
Sales maximising and increasing m...
8
cards
5.3 Perfect Competition
Assumptions in perfect competitio...,
Diagram of perfect competition in...,
Producers in perfect competition 3
8
cards
5.4 Monopolistic Competition
Characteristics of monopolistical...,
Short run equilibrium 2,
Long run equilibrium 3
7
cards
5.5 Oligopoly
Characteristics of an oligopoly 1,
Step through of kinked demand cur...,
Implications of the kdc 3
12
cards
5.6 Monopoly and Monopoly Power
Pure monopoly 1,
Working monopoly definition 2,
Dominant monopoly definition 3
14
cards
5.7 Price Discrimination
Price discrimination definition 1,
First degree price discrimination 2,
Second degree price discrimination 3
8
cards
5.8 The Dynamics of Competition and Competitive Market Processes
Short run benefits of competition 1,
Long run benefits of competition 2,
Types of competition of firms 3
8
cards
5.9 Contestable and Non-Contestable Markets
Characteristics of contestable ma...,
Hit and run competition 2,
Sunk costs 3
9
cards
5.10 Market Structure, Static Efficiency, Dynamic Efficiency and Resource Allocation
Dynamic efficiency 1,
X inefficiency 2,
Allocative efficiency 3
9
cards
5.11 Consumer and Producer Surplus
Consumer surplus 1,
Producer surplus 2,
Changing consumer surplus 3
8
cards
6.1 The Demand for Labour, Marginal Productivity Theory
How is labour demanded 1,
Relationship between the demand f...,
Marginal product definition 3
8
cards
6.2 Influences upon the Supply of Labour to Different Markets
Monetary factors influencing supp...,
Factors causing a shift in labour...,
Occupational immobility definition 3
11
cards
6.3 Determination of Relative Wage Rates and Levels of Employment in Perfectly Competitive Labour Markets
Labour market 1,
Limitations of labour market mode...,
Perfectly competitive labour mark...
6
cards
6.4 Determination of Relative Wage Rates and Levels of Employment in Imperfectly Competitive Labour Markets
Monopsony definition 1,
Oligopsony definition 2,
Examples of monopsony employers 3
8
cards
6.5 The Influence of Trade Unions in Determining Wages and Levels of Employment
Trade union definition 1,
Trade unions aims 2,
Industrial action definition 3
9
cards
6.6 National Minimum Wage
National minimum wage definition 1,
Benefits of nmw 2,
Costs of nmw 3
5
cards
6.7 Discrimination in the Labour Market
Wage differential definition 1,
Compensating wage differentials d...,
Reward for human capital definiti...
13
cards
7.1 The distribution of income and wealth
Income 1,
Wealth 2,
Equality 3
14
cards
7.2 The problem of poverty
Absolute poverty 1,
Relative poverty 2,
Causes of poverty 3
10
cards
7.3 Government policies to alleviate poverty and to influence the distribution of income and wealth
Progressive taxation to alleviate...,
Nmw to alleviate poverty and ineq...,
Government spending to alleviate ...
5
cards
8.1 Allocation of Resources
Advantages of the price mechanism 1,
Disadvantages of price mechanism 2,
Undesirability of introducing the...
4
cards
8.2 Meaning of Market Failure
Market failure definition 1,
Complete market failure definition 2,
Partial market failure definition 3
4
cards
8.3 Public Goods
Public good definition 1,
Free rider problem 2,
Public good examples 3
8
cards
8.4 Positive and Negative Externalities
Externality definition 1,
Positive externality 2,
Negative externality 3
15
cards
8.5 Merit and Demerit Goods
Definition of a merit good 1,
Definition of a demerit good 2,
Example of a merit good 3
8
cards
8.6 Market Imperfections
Information gaps 1,
Factor mobility definition 2,
Geographical immobility of labour...
7
cards
8.7 Competition Policy
Governing body over markets in th...,
Competition policy definition 2,
Costs of uk and eu competition po...
4
cards
8.8 Public Ownership, Privatisation, Regulation and Deregulation of Markets
Public ownership definition 1,
Nationalisation definition 2,
Privatisation definition 3
19
cards
8.9 Government Intervention
The reasons for government interv...,
How governments influence the all...,
Taxation definition 3
30
cards
8.10 Government Failure
Types reasons for government fail...,
Reasons for inadequate informatio...,
Reasons for conflicting objective...
6
cards
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Micro Economics
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