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Uttam Venkatesh
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Decks in this class (31)
Basic economic problem
What is the basic economic problem 1,
Explain why the basic economic pr...,
What is marginal benefit and marg...
6
cards
Specialisation and money
What is specialisation 1,
What are examples of specialisati...,
What is another name for speciali...
8
cards
Economic methodology
Why is economics a social science 1,
Why is economics empirical making...,
What is the difference between po...
3
cards
Markets
What choices have to be made to m...,
What are the characteristics of a...,
Define a market 3
5
cards
Demand
What is the definition of demand 1,
What is the relationship between ...,
What are 5 factors that cause a s...
8
cards
Supply
What is the definition of supply 1,
Explain the relationship between ...,
Give 5 factors that cause a shift...
3
cards
Market equilibrium
What is the market equilibrium 1,
What happens at a price above and...,
How do the price mechanisms solve...
3
cards
Interrelationships between markets
What is a substitute good includi...,
Describe competitive demand inclu...,
What are complement goods includi...
9
cards
Price elasticity of demand
Define ped 1,
What is the formula for ped 2,
Why is ped negative 3
9
cards
Income and cross elasticity of demand
Define yed 1,
What is the formula for yed 2,
What are normal goods 3
9
cards
Price elasticity of supply
Define pes 1,
What is the formula for pes 2,
Why is pes positive 3
6
cards
Indirect tax and subsidies
Describe the effect of an increas...,
What are the differences in an in...,
What is the difference between an...
9
cards
The invisible hand
Why do we need to make economic c...,
What are the 3 main economic choi...,
Why do we need an economic system...
16
cards
Market failure 1 - externalities
What is an externality 1,
Why are externalities bad 2,
Describe the difference between n...
19
cards
Merit goods
Define a merit good 1,
What are the 2 reasons to why mer...,
Why does imperfect information an...
14
cards
Demerit goods
Define demerit goods 1,
What are 3 reasons to why demerit...,
Why do demerit goods cause negati...
6
cards
Minimum and Maximum Pricing
Why would a government implement ...,
What are 3 examples of min pricin...,
What are 2 examples of a max pric...
6
cards
Public goods
What is the difference between co...,
What are the 2 characteristics of...,
Explain what non rivalrous means 3
9
cards
Immobility of labour
What are the economic impacts of ...,
How do the natural market forces ...,
What are the solutions to occupat...
4
cards
Problems of inequality
Why is equity a normative concept 1,
Explain the relationship between ...,
What is the welfare state 3
4
cards
Information failure
Why is perfect information import...,
Why does imperfect information oc...,
What are the solutions to asymmet...
5
cards
Behavioural economics
What does traditional economics b...,
What does behavioural economics a...,
What are the reasons for bounded ...
23
cards
Law of diminishing returns
What does the law of diminishing ...,
What is the short run 2,
Why does marginal product initial...
17
cards
Economies and diseconomies of scale
What is the long run 1,
What are long run costs based on 2,
What is increasing returns to sca...
20
cards
Sales revenue
What are the 3 types of sales rev...,
Define total revenue 2,
Define average revenue 3
6
cards
Profit
What is accounting profit 1,
What is economic profit 2,
What are the implicit costs that ...
9
cards
The objectives of firms
Why may firms choose to profit ma...,
How can firms profit maximise 2,
Why may firms choose not to profi...
21
cards
Barriers to entry and exit
What are barriers to entry 1,
What are the reasons for barriers...,
What are examples of legal reason...
12
cards
Efficiency
What is allocative efficiency for...,
Where does allocative efficiency ...,
How does allocative efficiency im...
18
cards
Perfect competition
What are the conditions for perfe...,
What is the long run equilibrium ...,
How can we draw the diagram for t...
17
cards
Monopoly
What are the conditions for a mon...,
What is the difference between a ...
2
cards
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Microeconomics flashcards
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