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Thomas McMahon
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Decks in this class (46)
1.
0
cards
The Economic Problem
What is the economic problem 1,
What is oppourtunity cost 2,
Blank 3
3
cards
Demand and the Demand curve
What is demand 1,
What is the law of demand 2,
What are some factors which chang...
7
cards
Supply and the Supply curve
What is supply 1,
What is the law of supply 2,
Give some reasons why the supply ...
5
cards
Market equilibrium and disequilibrium
What is the free market 1,
What are the 4 functions of price...,
What does allocation mean in the ...
9
cards
Price mechanism
How does a shift in demand change...,
How does a shift in supply change...,
Blank 3
3
cards
Consumer and Producer surplus
What is consumer surplus 1,
Where is consumer surplus found o...,
What is producer surplus 3
6
cards
Interrelated markets
What is joint demand 1,
What is competitive demand substi...,
What is derived demand input dema...
6
cards
Elasticities (PED,XED,YED,PES)
What is price elasticity of deman...,
What is the equation for ped pric...,
Why is ped always negative 3
18
cards
Elasticity and the business use
How is ped used by businesses 1,
How is pes used by businesses 2,
How is xed used by businesses 3
5
cards
Indirect tax - Full market impact
What are some reasons for indirec...,
What is an indirect tax 2,
What is a direct tax 3
14
cards
Indirect tax and elasticity
When ped is elastic what happens ...,
When ped is inelastic what happen...,
When pes is elastic what happens ...
5
cards
Subsidy - Full Market Impact
What is a subsidy 1,
Why are the implemented from a go...,
What is the impact of subsidies u...
11
cards
Minimum Pricing ( Price Floors )
What is a minimum price price flo...,
Why are price floors set 2,
Explain the impact of a subsidy o...
10
cards
Maximum Pricing
What is a maximum price 1,
Why are maximum prices set by the...,
Explain the impacts of a maximum ...
9
cards
Allocative efficiency
What is allocative efficiency 1,
What is the private optimum 2,
What is the social optimum 3
8
cards
Types of Market Failure
What are market failures 1,
List all the types of market fail...,
Blank 3
3
cards
Negative externalities
What are negative externalities o...,
Explain the negative externalitie...,
What are negative externalities o...
5
cards
Positive Externalities
What are positive externalities o...,
Explain the positive externalitie...,
What are positive externalities o...
4
cards
Merit and Demerit goods
What are merit goods 1,
Why are merit goods under consumed 2,
What are demerit goods 3
4
cards
Public goods
What are the features which make ...,
Give an example of a public good 2,
What is the free rider problem 3
5
cards
Common access resources (Tragedy of the commons)
What are common access resources 1,
What is the tragedy of the commons 2,
What happens to firms if they do ...
5
cards
Government Failure
What is government failure 1,
What comes as a result of governm...,
What are the 4 causes of govt fai...
8
cards
Indirect taxation and market failure
What are indirect taxes 1,
How do indirect taxes solve negat...,
How do indirect taxes sole negati...
4
cards
Subsidy and market failure
What is a subsidy 1,
How do subsidies solve the issue ...,
How do subsidies solve the issue ...
5
cards
Regulation and market failure
What is regulation 1,
What can they do using regulation 2,
How does regulation impact the ma...
4
cards
State provision and market failure
What is state provision 1,
Why does the state do this 2,
Explain the state provision and m...
5
cards
Price controls and market failure
Why are minimum prices used 1,
What are some counterpoints of us...,
Why are maximum prices used 3
4
cards
Information provision
What is information provision 1,
How does information provision in...,
How does information provision re...
5
cards
The free market
What is the free market 1,
What are some advantages of the f...,
What are some cons of the free ma...
5
cards
Specialisation and the division of labour
What is specialisation 1,
What are the pros of specialisati...,
What are the cons of specialisati...
6
cards
2.
0
cards
Law of diminishing returns
What is the law of diminishing re...,
What does the short run mean 2,
Explain the 1st half of the law o...
5
cards
Short run costs - Fixed and Variable
What does short run mean 1,
What does long run mean 2,
What are the 2 types of cost 3
10
cards
Marginal and Average cost curves
What is marginal cost 1,
What are average costs 2,
Draw the marginal cost and averag...
5
cards
Total cost curves - TC + TVC
Draw out the tc and tvc diagram 1
1
cards
Long run average cost and returns to scale
What does the long run mean 1,
What does returns to scale mean 2,
Draw out the long run average cos...
7
cards
Economies of scale
What is economies of scale 1,
Name all the internal economies o...,
Name 3 external economies of scale 3
12
cards
Revenue
What is the equation for total re...,
What is the equation for average ...,
What is the equation for marginal...
8
cards
Profit - Normal Supernormal profit and subnormal profit
What does economic profit conside...,
What does accounting profit consi...,
What is normal profit 3
6
cards
Objectives of firms
What is the profit maximisation o...,
Why do firms want to be profit ma...,
Draw the profit maximisation diag...
12
cards
Barriers to entry and exit of firms
What are barriers to entry 1,
What are legal barriers to entry 2,
What are technical barriers to en...
6
cards
Business efficiency , allocative , productive , dynamic and X efficiency
What is allocative efficiency 1,
What is the condition for allocat...,
What is the consumer analysis for...
16
cards
Perfect competition
What is perfect competition 1,
What does long run mean in perfec...,
Draw the long run equilibrium dia...
9
cards
Perfect competition - shut down condition
0
cards
Monopoly
What is a monopoly 1,
What is a pure monopoly 2,
What is monopoly power 3
9
cards
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Microeconomics
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