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By:
Will Martin
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Decks in this class (41)
Economic methodology and the economic problem
What is the economic problem,
What is a positive statement,
What is a normative statement
12
cards
Demand, PED, YED, XED and interrelationships between markets
Define demand,
What is the law of demand,
Why does demand have a downward s...
49
cards
Supply, PES, joint supply
Define supply,
What is the law of supply,
Why do suppliers want a higher pr...
16
cards
Price determination, equilibrium, disequilibrium, excess demand/supply, the price mechanism
Define the market,
Define equilibrium,
Define disequilibrium
9
cards
Production, costs and revenue
Define production,
Define productivity,
How is productivity measured
17
cards
Market failure
Define market failure,
What is the difference between co...,
Define public goods
14
cards
Externalities
Define externalities,
Externalities cause,
What are negative production exte...
6
cards
05 Market Failure: Core Concepts
Define market failure,
Define a pure monopoly,
Define a legal monopoly
10
cards
05 Market Failure: The 6 Market Failures - monopolies, externalities, merit and de-merit goods
Define barriers to entry b2e,
What is the b2e acronym,
What are the legal barriers to en...
45
cards
05 Market Failure: The 6 Market Failures - public goods, labour immobility, inequality
Define public goods,
Define non excludable,
Define non rival
34
cards
06 Government intervention and Government Failure
What are the main reasons for gov...,
Define indirect tax,
How can governments use indirect tax
27
cards
04 Markets in Action
Define labour,
Define market,
Define demand for labour
16
cards
03 Costs, Revenues and Market Structure
Total revenue,
Average revenue,
Marginal revenue
7
cards
09 Costs & Revenues
Define the short run,
Define the long run,
Which factor inputs are fixed or ...
42
cards
10 Perfect Competition vs. Monopoly
Define perfect competition,
List the characteristics of perfe...,
Rank market structures from high ...
9
cards
Textbook Chapter 5
Define costs,
What are firms total costs,
Define a pure monopoly what are s...
35
cards
Labour Markers (Paper 1 & 3)
Labour is a derived demand for,
Define marginal revenue productivity,
Define marginal physical product
15
cards
The distribution of income and wealth: poverty and inequality
Things to know for exam,
What is income,
What is wealth
22
cards
4.1.47 Profit (Paper 3)
0
cards
4.1.4.8 Technological change (Paper 1 & 3)
Define invention,
Define innovation,
Creative destruction
13
cards
4.1.5.1 Market structures (Paper 1)
Spectrum of competition,
Perfect competition characteristics,
Examples of industries close to p...
9
cards
4.1.5.2 Objectives of firms (Paper 1 & 3)
Profit max,
Why may firms profit max,
Drawbacks of profit of max
17
cards
4.1.5.3 Perfect competition (Paper 3)
0
cards
4.1.5.4 Monopolistic competition (Paper 3)
0
cards
4.1.5.5 Oligopoly (Paper 1)
Define oligopoly,
Oligopolistic markets tend to be ...,
Define concentration ratio
19
cards
4.1.5.6 Monopoly (Paper 1)
Pure monopoly,
Companies that could be considere...,
Define monopoly power
24
cards
4.1.4.7 Price discrimination (Paper 3)
0
cards
4.1.5.8 Dynamics of competition and competitive market processes (Paper 1 & 3)
Define price competition,
Firms in concentrated markets are...,
Benefits of price competition
10
cards
4.1.5.9 Contestable and non-contestable markets (Paper 1)
Define contestable market,
General argument in favour of con...,
Features of perfectly contestable...
7
cards
4.1.5.10 Market structure, efficiency and resource allocation (Paper 1)
Static efficiency,
Perfect competition and static ef...,
Define dynamic efficiency
5
cards
4.1.5.11 Consumer and producer surplus (Paper 3)
0
cards
4.1.8.1 How markets and prices allocate resources
Functions of price,
Rationing function,
Signalling function
5
cards
4.1.8.2 The meaning of market failure
Define market failure,
Define complete market failure,
Define partial market failure
4
cards
4.1.8.3 Public goods, private and quasi-public goods
Define a public good,
Define non excludable,
Define non rival
6
cards
4.1.8.4 Positive and negative externalities in consumption and production
0
cards
4.1.8.5 Merit and demerit goods
0
cards
4.1.8.6 Market imperfections
0
cards
4.1.8.8 Public ownership, privatisation, regulation and deregulation of markets
Define public ownership,
Define nationalisation,
Advantages of public ownership
27
cards
4.1.8.9 Government intervention in markets
0
cards
2022 Exam: Monopoly regulation, privatisation, deregulation, nationalisation
0
cards
Paper 1 - An and Ev
Nmw an and ev,
Wage differentials an and ev,
Policies to redistribute income w...
3
cards
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Microeconomics Main
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