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Aaron Mensah
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Decks in this class (55)
Key terms
Microeconomics,
Positive statement,
Normative statement
12
cards
Key terms pt2
Demand,
Quantity demanded,
Individual demand cure
10
cards
Economic methodology
Statements,
Example of positive statements,
Example of normative statements
4
cards
The nature and purpose of economic activity
Factors of production,
4 factors of production,
Capital
9
cards
Scarcity, choice and allocation of resources
Finite,
Re,
Main participant agents in the ec...
11
cards
The economic problem
The economic problem,
Basic questions of economics,
The economic problem consumers
7
cards
Production possibility frontier
Production possibility frontier,
Types of ppf,
Ppf explained
8
cards
Determinants of Demand
Demand,
Quantity demanded,
Individual demand curve
14
cards
Elasticities of demand- PED's
Ped s,
Ped formula,
Demand vs quantity demanded
16
cards
XED's
Cross elasticity of demand xed,
Xed formula,
Xed answer
6
cards
YED's
Income elasticities of demand yed,
Yed formula,
Yed answers
6
cards
Determinants of supply
Supply,
Supply curve,
Law of supply
7
cards
Supply elasticities
Price elasticity of supply pes,
Pes elasticities,
Price elastic 1
8
cards
Supply elasticities pt2
Economic boom,
Unit elastic 1,
Pes formula
7
cards
Market equilibrium
Market equilibrium,
Disequilibrium,
Market equilibrium supply
4
cards
Chain of reasoning
Increased price of subs,
Less trendy,
Supply increased cost of raw mate...
5
cards
Interrelationships between markets
Joint supply,
Joint supply demand,
Joint demand
4
cards
Production and productivity
Factors of production,
Capital,
Entrepreneurship
10
cards
Specialisation, Divisions of labour and exchange
Specialisation,
Specialisation benefits,
Specialisation drawbacks
7
cards
Cost of production
Cost of production,
Profit,
Firm
10
cards
Cost of production pt2
Sunk costs,
Total costs,
Average costs
11
cards
Cost of production pt3
Marginal costs,
Mc formula,
Lodr
5
cards
Economies and diseconomies of scale
Fop short run,
Fop long run,
Lrac
11
cards
Economies and diseconomies of scale pt2
Diseconomies of scale,
Reasons for diseconomies of scale 1,
Reasons for diseconomies of scale 2
11
cards
Economies and diseconomies of scale pt3
Mes,
Mes notes,
Returns to scale recap
5
cards
Revenue and profit
Total revenue,
Tr formula,
Average revenue
10
cards
Market structures
Market structures,
Most common market structures,
Homogenous
10
cards
Market structures pt2
Objectives for firms,
Perfect competition,
Perfect competition characteristics
8
cards
Monopolies
Monopoly,
Most common forms of market struc...,
Characteristics of a monopoly
10
cards
Monopolies pt2
Why are there high barriers to en...,
Profits for monopolies,
Natural monopoly eos
6
cards
Public, Private and Quasi-Public goods
Private goods,
Pure public goods,
Free rider problem
9
cards
Externalities
Externality,
Externalities notes,
Positive externality
9
cards
Merit and demerit goods
Merit goods,
Merit goods notes,
Two characteristics of merit goods
9
cards
Resource allocation
Price mechanism,
Function of prices,
Signalling
5
cards
Market failure
Free market,
Assumptions of the free market,
Market failure
11
cards
Market failure pt2
Merit and demerit goods,
Monopoly market failure,
Income
8
cards
Government intervention
Government intervention,
Aims of government intervention,
Forms of government intervention
10
cards
Government intervention pt2
Taxes,
Taxes diagram,
Subsidies
8
cards
Government intervention application
Maximum price application,
Maximum price application,
Taxes application
4
cards
Possible evaluative ideas for government intervention
Minimum price,
Maximum price,
Taxes
4
cards
Government failure
Government failure,
Reasons for government failure,
Lack of incentives
7
cards
15 Mark corrections
The central purpose of production...,
Specialisation,
Specialisation strengths
9
cards
15 mark corrections pt2
Composite demand,
Joint demand,
Joint supply
12
cards
15 mark corrections pt3
Divisions of labour,
Division of labour strengths,
Division of labour weaknesses
11
cards
15 mark corrections pt4
Short run,
Long run,
Statement examples
8
cards
Corrections
Monopoly,
Types of monopolies,
3
cards
Behavioural Economics
Behavioural economics,
Limits on rationality,
Bounded rationality
10
cards
Behavioural economics pt2
Anchoring,
Anchoring examples,
Social norms
11
cards
Demand Elasticities Recap
Ped,
Perfect elasticity,
Elastic
9
cards
XED and YED Recap
Yed,
Types of goods yed,
Uses of yed in a firm
7
cards
MPC
Mpc,
Mpc formula,
Higher mpc
7
cards
The multiplier
The multiplier effect,
Multiplier formula,
Components of aggregate demand
4
cards
Costs of Production in the SR
Fixed costs,
Variable costs,
Total costs
9
cards
The law of diminishing returns
The law of diminishing returns,
What happens to total output as m...,
What happens to average and margi...
4
cards
The law of diminishing returns
0
cards
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Microeconomics
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