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Aaron Mensah
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Decks in this class (83)
Key terms
Microeconomics 1,
Positive statement 2,
Normative statement 3
12
cards
Key terms pt2
Demand 1,
Quantity demanded 2,
Individual demand cure 3
10
cards
Economic methodology
Statements 1,
Example of positive statements 2,
Example of normative statements 3
4
cards
The nature and purpose of economic activity
Factors of production 1,
4 factors of production 2,
Capital 3
9
cards
Scarcity, choice and allocation of resources
Finite 1,
Renewable 2,
Main participant agents in the ec...
11
cards
The economic problem
The economic problem 1,
Basic questions of economics 2,
The economic problem consumers 3
7
cards
Production possibility frontier
Production possibility frontier p...,
Types of ppf 2,
Ppf explained 3
8
cards
Determinants of Demand
Demand 1,
Quantity demanded 2,
Individual demand curve 3
14
cards
Elasticities of demand- PED's
Ped s 1,
Ped formula 2,
Demand vs quantity demanded 3
16
cards
XED's
Cross elasticity of demand xed 1,
Xed formula 2,
Xed answer 3
6
cards
YED's
Income elasticities of demand yed 1,
Yed formula 2,
Yed answers 3
6
cards
Determinants of supply
Supply 1,
Supply curve 2,
Law of supply 3
7
cards
Supply elasticities
Price elasticity of supply pes 1,
Pes elasticities 2,
Price elastic 1 3
8
cards
Supply elasticities pt2
Economic boom 1,
Unit elastic 1 2,
Pes formula 3
7
cards
Market equilibrium
Market equilibrium 1,
Disequilibrium 2,
Excess supply market disequilibri...
4
cards
Chain of reasoning
Demand increased price of subs 1,
Demand less trendy 2,
Supply increased cost of raw mate...
5
cards
Interrelationships between markets
Joint supply 1,
Joint supply demand 2,
Joint demand 3
4
cards
Production and productivity
Factors of production 1,
Capital 2,
Entrepreneurship 3
10
cards
Specialisation, Divisions of labour and exchange
Specialisation 1,
Specialisation benefits 2,
Specialisation drawbacks 3
7
cards
Cost of production
Cost of production 1,
Profit 2,
Firm 3
10
cards
Cost of production pt2
Sunk costs 1,
Total costs 2,
Average costs 3
11
cards
Cost of production pt3
Marginal costs 1,
Mc formula 2,
Lodr 3
5
cards
Economies and diseconomies of scale
Fop short run 1,
Fop long run 2,
Lrac 3
11
cards
Economies and diseconomies of scale pt2
Diseconomies of scale 1,
Reasons for diseconomies of scale...,
Reasons for diseconomies of scale...
11
cards
Economies and diseconomies of scale pt3
Mes 1,
Mes notes 2,
Returns to scale recap 3
5
cards
Revenue and profit
Total revenue 1,
Tr formula 2,
Average revenue 3
10
cards
Market structures
Market structures 1,
Most common market structures 2,
Homogenous 3
10
cards
Market structures pt2
Objectives for firms 1,
Perfect competition 2,
Perfect competition characteristi...
8
cards
Monopolies
Monopoly 1,
Most common forms of market struc...,
Characteristics of a monopoly 3
10
cards
Monopolies pt2
Why are there high barriers to en...,
Profits for monopolies 2,
Natural monopoly eos 3
6
cards
Public, Private and Quasi-Public goods
Private goods 1,
Pure public goods 2,
Free rider problem 3
9
cards
Externalities
Externality 1,
Externalities notes 2,
Positive externality 3
9
cards
Merit and demerit goods
Merit goods 1,
Merit goods notes 2,
Two characteristics of merit goods 3
9
cards
Resource allocation
Price mechanism 1,
Function of prices 2,
Signalling 3
5
cards
Market failure
Free market 1,
Assumptions of the free market 2,
Partialmarket failure 3
11
cards
Market failure pt2
Merit and demerit goods market fa...,
Monopoly market failure 2,
Income 3
8
cards
Government intervention
Government intervention 1,
Aims of government intervention 2,
Forms of government intervention 3
10
cards
Government intervention pt2
Taxes 1,
Taxes diagram 2,
Subsidies 3
8
cards
Government intervention application
Min imum price application 1,
Maximum price application 2,
Taxes application 3
4
cards
Possible evaluative ideas for government intervention
Minimum price 1,
Maximum price 2,
Taxes 3
4
cards
Government failure
Government failure 1,
Reasons for government failure 2,
Lack of incentives 3
7
cards
15 Mark corrections
The central purpose of production...,
Specialisation 2,
Specialisation strengths 3
9
cards
15 mark corrections pt2
Composite demand 1,
Joint demand 2,
Joint supply 3
12
cards
15 mark corrections pt3
Divisions of labour 1,
Division of labour strengths 2,
Division of labour weaknesses 3
11
cards
15 mark corrections pt4
Short run 1,
Long run 2,
Statement examples 3
8
cards
Corrections
Monopoly 1,
Types of monopolies 2,
Blank 3
3
cards
Behavioural Economics
Behavioural economics 1,
Limits on rationality 2,
Bounded rationality 3
10
cards
Behavioural economics pt2
Anchoring 1,
Anchoring examples 2,
Social norms 3
11
cards
Demand Elasticities Recap
Ped 1,
Perfect elasticity 2,
Elastic 3
9
cards
XED and YED Recap
Yed 1,
Types of goods yed 2,
Uses of yed in a firm 3
7
cards
MPC
Mpc 1,
Mpc formula 2,
Higher mpc 3
7
cards
The multiplier
The multiplier effect 1,
Multiplier formula 2,
Components of aggregate demand 3
4
cards
Costs of Production in the SR
Fixed costs 1,
Variable costs 2,
Total costs 3
9
cards
The law of diminishing returns
The law of diminishing returns 1,
What happens to total output as m...,
What happens to average and margi...
7
cards
Revenue curves
Revenue 1,
Average revenue 2,
Marginal revenue 3
12
cards
Revenue, Profit and change
Marginal revenue 1,
Perfect competition 2,
Perfect competition assumptions 3
10
cards
Revenue, profit and change pt 2
Mechanisation 1,
Automation 2,
Productive efficiency 3
6
cards
Profit
Functions of profits 1,
Business incentive 2,
Worker incentive 3
9
cards
Objective of firms
Marginal revenue 1,
Marginal cost 2,
Marginal profit 3
9
cards
Objective of firms pt2
Shareholders 1,
Stakeholders 2,
Profit maximisation overview 3
7
cards
Monopoly
Pure monopoly 1,
Working monopoly 2,
Dominant firm 3
9
cards
Monopoly pt2
Tax on monopoly profits 1,
Liberalisation of markets 2,
Introducing price capping policies 3
11
cards
Price discrimination
Price discrimination 1,
Assumptions of price discriminati...,
Why do firms price discriminate 3
10
cards
Monopolistic competition
Key characteristics of a monopoly 1,
Monopolistic competition 2,
Key characteristics of monopolist...
10
cards
Costs revenue and profits in monopolistic competition
Factors that affect pricing power...,
Monopolistic competition in the l...,
Lr equilibrium stability 3
4
cards
Oligopoly
Price leadership 1,
Collusion 2,
Cartel 3
9
cards
Oligopoly pt2
Why is there a kinked demand curve 1,
Kinked demand curve explained 2,
Examples of non price competition 3
10
cards
Oligopoly pt3
Why do many cartels break down 1,
Penalties for cartels 2,
Potential benefits from collusion 3
9
cards
Oligopoly pt4
Prisoners dilemma 1,
Prisoners dilemma explained 2,
Nash equilibrium 3
6
cards
Contestability
Contestable markets 1,
What is used to indicate market s...,
Key conditions of a contestable m...
9
cards
Contestability pt2
Hit and run entry 1,
Sunk costs 2,
Sunk costs explained 3
9
cards
Contestability pt3
Examples of contestable markets 1,
Sustaining innovations 2,
Disrupting innovations 3
11
cards
Contestability pt4
Aim of competition policy 1,
The 4 key pillars of competition ...,
Antitrust and cartels 3
8
cards
Demand for labour
Who creates demand for labour 1,
Demand for labour and market wage...,
Derived demand for labour 3
9
cards
Demand for labour pt2
Limitations of the mrpl concept 1,
What influences the wage elastici...,
Labour costs an a of total costs 3
6
cards
Supply of labour
Labour supply 1,
Labour supply curve 2,
Factors affecting labour supply t...
9
cards
Supply of labour pt2
Causes of occupational immobility 1,
Skill gaps 2,
Training gaps 3
10
cards
Monopsony in labour markets
Monopsony power buyer 1,
Monopsony power employer 2,
Monopsony power supply and demand...
8
cards
Wages in competitive markets
The concept of equilibrium wages 1,
Conditions for competitive labor ...,
Main causes of wage differentials 3
8
cards
Minimum wage and discrimination in the labour market
Minimum wage 1,
Advantages for minimum wages 2,
Disadvantages of minimum wage 3
7
cards
Poverty
Poverty 1,
Absolute poverty 2,
Relative poverty 3
10
cards
Poverty pt2
Means tested benefits 1,
Universal benefits 2,
Unemployment trap 3
16
cards
Income and wealth
Distribution of income wealth 1,
The link between wealth and income 2,
Factors affecting distribution of...
7
cards
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Microeconomics
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