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Oliver Evans
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Decks in this class (25)
The Basic Econ Problem
What is the economic problem,
What is scarcity,
What is choice
6
cards
Allocation of Resources
Incentives of economic agents,
Incentives of and entreprenuer,
Incentives of consumers
7
cards
Opportunity Cost
Opp cost definition,
How to calculate opp cost,
Usefulness of opp cost in dealing...
5
cards
Specialisation
Specialisation definition,
Division of labour definition,
Advantages of specialisation
8
cards
Demand
Explain the relationship between ...,
Explain the substitute effect,
Explain with a diagram the impact...
5
cards
Supply
Explain with a diagram the impact...,
Shifters of the supply curve,
Explain joint and competitive sup...
4
cards
Consumer and Producer Surplus
Define and explain consumer and p...,
Evaluate the extent of changes on...,
Define and explain consumer surplus
5
cards
The interaction of Markets
0
cards
Elasiticty
Explain and calculate ped,
Explain the units of ped,
Explain and calculate yed
10
cards
The concept of the Margin
Explain total utility,
Explain total utility,
Calculate marginal utility
3
cards
Market Failure and externalities
Explain the causes of market fail...,
Explain using a diagram negative ...,
Explain using a diagram positive ...
5
cards
Information Failure
Explain information failure using...,
Define and explain the consumptio...,
Define and explain the consumptio...
5
cards
Public Goods
Explain public goods in relation ...,
Define excludability,
Define rivalrous
6
cards
Govt. Intervention
Explain the reasons for and proce...,
Define govt intervention,
Explain the reasons for and proce...
9
cards
Business Objectives
1 explain maximisation objectives...,
1 explain maximisation objectives...,
Explain maximisation objectives s...
11
cards
Cost and Economies of Scale
Explain and calculate fixed costs,
Explain and calculate variable costs,
Explain and calculate total costs
17
cards
Revenue and Profit
Explain and calculate total revenue,
Explain and calculate average rev...,
Explain and calculate marginal re...
8
cards
Perfect Competition
Explain the characteristics of pe...,
Explain with the aid of a diagram...,
Explain with the aid of a diagram...
5
cards
Monopoly
Explain characteristics of a mono...,
Explain dynamic efficiency,
Evaluate dynamic efficiency
13
cards
Monopolistic Competition
Explain the characteristics of mo...,
Explain with the aid of a diagram...,
Explain with the aid of a diagram...
5
cards
Oligopoly
Explain the characteristics of ol...,
Explain non price competition,
Explain interdependence
19
cards
Contestable Markets
Explain the characteristics of a ...,
2 behaviour of firms in a contest...,
Types of barriers to entry
6
cards
Demand for Labour
Explain derived demand for labour,
6 factors affecting the demand fo...
2
cards
Supply of Labour
8 factors affecting the supply of...,
4 factors affecting the wage elas...,
Explain transfer earnings
4
cards
The Interaction of Labour Markets
Define wage differentials,
6 reasons for wage differentials,
Define monopsony power
8
cards
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MicroEconomics
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