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Gabe McAlinden
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Decks in this class (22)
How Does Economic Change Effect Businesses
List some of the reasons why a bu...,
What is interest,
What are interest rates
20
cards
Demand
What is demand,
What is effective demand,
What is consumer sovereignty
15
cards
Supply
What is the most common incentive...,
Describe a supply curve,
Define short run in terms of supp...
6
cards
The Invisible Hand
Explain the concept of the invisi...,
Explain how the invisible hand de...,
How does adam smith describe the ...
6
cards
The Price Mechanism
How is price a market signal,
How do prices act as a rationing ...,
How does price act as an incentive
9
cards
Resource scarcity
When does resource scarcity occur,
What can resource scarcity lead to,
List the 4 factor enterprises use...
9
cards
Opportunity cost
Why is there still an opportunity...,
What are opportunity costs
2
cards
The economic problem
What is the basic economic problem,
What is scarcity,
What 4 subcomponents resources ca...
8
cards
The tragedy of the commons
What is the tragedy of the commons,
Why can the pursuit of self inter...,
What is the tragedy of the common...
4
cards
Business objectives
What is the main goal for most firms,
What is profit,
When do firms break even
23
cards
Businesses and corporate social responsibility
Why does society need businesses,
Why do businesses need society,
What is the free market view on t...
18
cards
Stakeholders
What is a stakeholder,
What do shareholders want,
What do employees want
12
cards
Creative destruction
Define creative destruction,
List the things an entrepreneur d...,
How can entrepreneurs expand a bu...
6
cards
Specialisation and division of labour
What is specialisation,
What is the division of labour,
Who proposed the idea of the divi...
6
cards
Factors of production
What are the 4 factors of production,
What do entrepreneurs do,
What is physical capital
12
cards
Price elasticity of demand (PED)
What is price elasticity of demand,
What is the formula for price ela...,
What is price inelastic good
25
cards
Income elasticity of demand
What is income elasticity of demand,
What is income elasticity of dema...,
What is the formula for yed
16
cards
Pricing strategies
When might a retailer use cost pl...,
What is the benefit of cost plus ...,
What is the drawback to cost plus...
19
cards
Non-price competition
What are the two potential conseq...,
Give 4 areas in which product dif...,
What is the result of successful ...
5
cards
How do firms compete?
What types of market will be segm...,
What is a gap in the market and w...,
What is marketing often used to do
30
cards
Market failure
What is a third party,
What is an externality,
What is an external cost
16
cards
What is market failure
What is market failure,
What is market failure most commo...,
What are markets usually unable t...
10
cards
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Microeconomics
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