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Daniel HEALY
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Decks in this class (31)
1.1 Economic methodology
Micro econmics is a branch of eco...,
What does ceteris paribus mean,
Ceteris paribus looking at how th...
6
cards
1.2 Nature and Purpose of Economic Activity
What is a need,
What is a want,
What is the central issue of econ...
10
cards
1.3 Economic Resources
What are factors of production,
What is the land part of factors ...,
What is the capital part of facto...
8
cards
1.4 Scarcity, choice, and the allocation of resources
Why does scarcity occur,
What is a trade off,
How do economists assume people i...
7
cards
1.5 PPF's/PPC's
What can we work out from ppf s p...,
What does a ppf ppc show,
What happens when production is o...
9
cards
2.1 The determinants of demand
What is a market,
When does a market transaction ta...,
When is a market highly competitive
19
cards
2.2 Price, income and cross elasticities of demand
What is elasticity theory,
What is the equation for price el...,
What is the equation for income e...
26
cards
2.3 The determinants of supply
What is the market supply,
What is the law of supply,
What is profit and how can it be ...
8
cards
2.4 Price elasticity of supply
What is price elasticity of supply,
What does a pes of 0 mean,
What does a pes of 0 1 mean
7
cards
2.5 The determination of market equilibrium
What is market equilibrium,
What is the market clearing price p,
What will a change in supply or d...
8
cards
2.6 The interrelationship between markets
What is a competitive market,
What is joint demand,
What is a substitute good
7
cards
2.7 Application to particular markets
What is an agricultural market,
What factors cause short run chan...,
Why is the market for metals simi...
6
cards
3.1 Productivity and production
What is production,
What is productivity,
What is short run production
10
cards
3.2 Specialisation, division of labour and exchange
What is specialisation,
What are the positives of special...,
What is a barter
6
cards
3.3 Costs of production
What are fixed costs of production,
What are variable costs of produc...,
What is the short run costs of pr...
15
cards
3.4 Economies and Diseconomies of Scale
What are economies of scale,
What are internal economies of scale,
What are external economies of scale
14
cards
3.5 Average revenue, total revenue and profit
Define total revenue,
Define average revenue,
What is the difference between re...
4
cards
4.1 Market structures
What is a market structure,
What is perfect competition,
What is market share
13
cards
4.2 The objectives of firms
What is the most important object...,
What are examples of firm objectives,
When does maximum profit occur
9
cards
4.3 Competitive markets
In perfect competition all produc...,
Why would it make no sense for a ...,
In a competitive market if produc...
6
cards
4.4 Monopoly and Monopoly Power
What is a monopoly,
In monopolistic competition what ...,
In monopolistic competition are t...
26
cards
4.5 The competitive process
What is the effect of diversifica...,
What are the effects of competition,
What do firms do in order to make...
3
cards
5.1 How markets and prices allocate resources
Prices allocate resources through...,
What is the rationing function,
What is the incentive function
8
cards
5.2 The meaning of market failure
When does market failure occur,
When does government government i...,
What are the reasons for market f...
6
cards
5.3 Public goods, private goods and quasi-public goods
What is a public good,
What are the characteristics of a...,
What is a pure public good
8
cards
5.4 Positive and negative externalities in production and consumption
What are externalities,
What are positive externalities,
What are negative externalities
19
cards
5.5 Merit and demerit goods
What is a merit good,
When will a merit good operate,
Do merit goods have positive or n...
8
cards
5.6 Market imperfections
What is the provision of information,
Why does the government use the p...,
What are examples of when the gov...
15
cards
5.7 Inequitable distribution of income and wealth
0
cards
5.8 Government intervention in markets
Why do government intervene in ma...,
Why do governments intervene in o...,
Why do governments intervene in o...
22
cards
5.9 Government failure
When does government failure occur,
What factors could cause governme...,
Why does government failure cause...
7
cards
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Microeconomics year 1
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