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Decks in this class (14)
1.1 The Economic Problem
What is the basic economic problem 1,
Define scarcity 2,
What are economic goods 3
39
cards
1.2 The Allocation of Resources
Define economic efficiency 1,
Define productive efficiency 2,
Define allocative efficiency 3
27
cards
1.3 Opportunity Cost
Define opportunity cost 1,
Define ppf 2,
Define trade off 3
19
cards
2.1 Specialisation and Trade
Define specialisation 1,
Define division of labour 2,
What are two main benefits of spe...
16
cards
2.2 Demand
Define competitive demand 1,
Define composite supply 2,
Define demand 3
26
cards
2.3 Supply
Define competitive supply 1,
Define composite supply 2,
Define individual supply 3
16
cards
2.4 Consumer and Producer Surplus
Define consumer surplus 1,
Define producer surplus 2,
Where is consumer surplus shown o...
10
cards
2.5 The Interaction of Markets
Define derived demand 1,
Define excess demand 2,
Define excess supply 3
13
cards
2.6 Elasticity
Define price elasticity of demand...,
How is ped calculated 2,
Define elasticity 3
28
cards
2.7 The concept of margin
Define diminishing marginal utili...,
Define margin 2,
Define marginal cost 3
10
cards
3.1 Business objectives
What is a business objective 1,
Define maximisation 2,
Define profit maximisation 3
34
cards
3.2 Costs and economies of scale
Define fixed costs 1,
Define average fixed costs 2,
Define variable costs 2
32
cards
3.3 Revenue and profit
Define accounting profit 1,
Define average revenue 2,
Define economic profit 3
17
cards
2.8 Market failure and externalities
Define market failue 1,
Define externality 2,
Define marginal external benefit 3
12
cards
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Microeconomics Y1
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