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By:
Charlie Maunder
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Decks in this class (25)
1.1 The Economic Problem
What are economic goods,
Define free goods with examples,
What is the basic economic problem
27
cards
1.2 The Allocation Of Resources
What is resource allocation,
What are the incentives on econom...,
What is a market economy
20
cards
1.3 Opportunity Cost
What is opportunity cost,
What is a trade off,
What is a production possibility ...
12
cards
2.1 Specialisation And Trade
What is specialisation,
How can firms benefit from specia...,
How does specialisation help the ...
13
cards
2.2 Demand
When is a market created,
What is a sub market,
Give an example of a sub market
17
cards
2.3 Supply
Why are supply curves upward sloping,
What is individual supply,
What is market supply
10
cards
2.4 Consumer And Producer Surplus
What is a consumer surplus,
How is consumer surplus displayed...,
Explain the consumer surplus on t...
9
cards
2.5 The Interaction Of Markets
Define ceteris paribus,
What is equilibrium price and qua...,
How can you show market equilibri...
16
cards
2.6 Elasticity
Define price elasticity of demand,
How do you calculate ped,
What is it called when a good is ...
13
cards
2.7 The Concept Of The Margin
What is meant by thinking at the ...,
Give an example of thinking at th...,
How do you calculate marginal uti...
6
cards
2.8 Market Failure And Externalities
When does market failure occur,
What happens to economic and soci...,
What is an externality
10
cards
2.9 Information Failure
What is symmetric information and...,
What is asymmetric information an...,
What is imperfect information
8
cards
2.10 Public Goods
What are public goods,
What does non excludable mean,
What does non rival mean
8
cards
2.11 Government Intervention
Why do governments intervene in t...,
What are indirect taxes and what ...,
What are the two types of indirec...
58
cards
3.1 Business Objectives
What is meant by profit,
When do firms break even,
How does a firm profit maximise
21
cards
3.2 Costs And Economies Of Scale
What is meant by fixed costs,
What is meant by variable costs,
What is meant by total costs and ...
22
cards
3.3 Revenue And Profit
What is meant by total revenue an...,
What is meant by average revenue ...,
What is meant by marginal revenue
13
cards
4.1 Perfect Competition
What are characteristics of a per...,
What determines price is a perfec...,
What is likely to happen to profi...
9
cards
4.2 Monopoly
What are the characteristics of a...,
What consists of a legal monopoly...,
What is meant by dynamic efficiency
24
cards
4.3 Monopolistic Competition
What are the characteristics of a...,
Show and explain profit maximisin...,
Show and explain profit maximisin...
5
cards
4.4 Oligopoly
What are the characteristics of a...,
What is meant by a cartel,
What is meant by price leadership
18
cards
4.5 Contestable Markets
What are the characteristics of c...,
What are the implications of cont...,
What is meant by legal barriers t...
10
cards
5.1 Demand For Labour
What determines the supply and de...,
What is meant by labour being der...,
What is labour demand linked to
12
cards
5.2 Supply Of Labour
How is the supply of labour calcu...,
What affects the supply of labour,
Why is the curve for supply of la...
7
cards
5.3 The Interaction Of Labour Markets
Why do wage differentials exist w...,
What happens to labour with monop...,
What does the labour market with ...
13
cards
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Microeconomics
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