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Willz Baby
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Decks in this class (41)
The Economic Problem
Define economy,
What is the difference between a ...,
What is corporation tax
26
cards
Economics as a Social Science
What is the purpose of theoretica...,
What is the value of theoretical ...,
What is the value of empirical mo...
12
cards
PPF
What is economic efficiency,
Define opportunity cost,
What does making decisions involve
24
cards
Specialisation
Define unit cost,
Staff turnover,
Specialisation
31
cards
Rational Decision Making
What is assumed neoclassical and ...,
Rational consumers make their cho...,
What is the rational rule
9
cards
Demand
Define demand,
What is effective demand,
What is derived demand
11
cards
PED
What is ped,
Ped formula,
What goods have a negative coeffi...
15
cards
YED and XED
What does yed stand for,
What does yed measure,
Yed formula
13
cards
Supply
Define supply,
What is the law of supply,
What relationship does the supply...
7
cards
PES
Define pes,
What can producers do if supply i...,
What happens to producers if supp...
9
cards
Price Determination
What is market equilibrium,
What happens when demand increases,
What happens when demand decreases
7
cards
Consumer and Producer Surplus
What is consumer surplus a measur...,
Define consumer surplus,
Where is consumer surplus on a graph
10
cards
Indirect Taxes and Subsidies
What is an indirect tax,
How is the amount of tax imposed ...,
What does the effect of indirect ...
19
cards
Price Mechanism
What is the price mechanism,
What are the 3 main functions of ...,
What is the signalling function
13
cards
Types of Economies
What is an economic system,
Describe a free market economy,
Describe a planned command economy
11
cards
Alternate Views of Consumer Behaviour
Assumptions of rational behaviour,
Reasons why economic agents might...,
What is anchoring
5
cards
Types of Market Failure
What is market failure,
What is complete market failure,
What is partial market failure
3
cards
Externalities
What are externalities,
What can externalities cause,
What can externalities be
24
cards
Public Goods
What do public goods,
Describe private goods,
Features of public goods
10
cards
Information Gaps
What is information failure,
Causes of information failure,
When does an information gap occurs
7
cards
Government Intervention
What is government intervention,
How can government change resourc...,
Main reasons for government inter...
18
cards
Tradeable Pollution Permits
What is a limit cap set on,
Why do the government allocate po...,
What happens if firms pollute bel...
4
cards
Size and Types of Firms
Reasons why firms seek growth,
Define diversification,
Reasons why some firms remains small
18
cards
Business Growth
How do business grow,
How may business grow internally ...,
Limits to organic growth
33
cards
Business Objectives
What are the different business o...,
What did william baumol argue,
What will a revenue maximising fi...
6
cards
Costs and Revenues
What do firm face in the short ru...,
What is labour seen as in the sho...,
What is capital seen as in the lo...
30
cards
Economies and Diseconomies of Scale
Inputs and costs in the long run,
What are inputs and costs in the ...,
What happens when firms change in...
23
cards
Profit and Loss
Profit formula,
When does normal profit occur,
Define normal profit
19
cards
Efficiency
Define efficiency,
What is allocative efficiency,
What is dynamic efficiency
8
cards
Perfect Competition
What is perfect competition,
Assumptions for perfect competition,
What does the pursuit of self int...
21
cards
Demand and Supply for Labour
Define a firm,
What type of demand is the demand...,
Why is the pattern of labour mark...
20
cards
Monopoly
What are the assumptions to the m...,
What is the demand curve in a mon...,
Does a monopolist have influence ...
15
cards
Monopolistic Competition
Characteristics of monopolistic c...,
What does monopolistic competitio...,
Examples of monopolistic competit...
16
cards
Labour Market Issues
What is a zero hour contract,
Why do zero contracts reduce the ...,
What is the gender pay gap
13
cards
Oligopoly
What characteristics do oligopoli...,
What is strategic behaviour in an...,
What is collusion
8
cards
Concentration Ratio
What is a good way to gauge how c...,
How is concentration usually meas...,
How may concentration ratio be me...
4
cards
Contestable Markets
What must be present in a market ...,
What are sunk costs,
What can t a firm do in a contest...
15
cards
Monopsony and Natural Monopoly
Define a monopsony,
When will a monopsony have a sign...,
What happens when a monopsonist p...
13
cards
Monopolies and Mergers
Define anti competitive practices,
Define competition policy,
What is the cma
29
cards
Competition and Protecting Suppliers
What does sme stand for,
What is a start up,
Benefits of small businesses and ...
21
cards
Regulatory Capture
Define regulatory capture,
Causes of regulatory capture,
Impacts of regulatory capture
3
cards
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Microeconomics
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