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Daniel HEALY
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Decks in this class (32)
1.1 Consumer behaviour
What are the 2 conditions for demand,
What is utility,
What is marginal utility
8
cards
1.2 Imperfect information
What is perfect information,
What is imperfect information,
What is asymmetric information
6
cards
1.3 Aspects of behavioural economic theory
What is bounded rationality,
What is bounded self control,
What are rules of thumb
10
cards
1.4 Behavioural economics and economic policy
What is choice architecture,
What is default choice,
What are mandated choices
5
cards
2.1 Developing short-run production theory: the law of diminishing returns
What is labour productivity,
What is specialisation,
What is division of labour
14
cards
2.2 Developing long run production theory - returns to scale
What are returns to scale,
What are diminishing marginal ret...,
What are increasing returns to scale
9
cards
2.3 Marginal cost and marginal revenue
How do you calculate average fixe...,
How do you calculate average vari...,
How do you calculate average tota...
15
cards
2.4 Profit
Define profit,
Define profit maximisation,
Define normal profit
14
cards
2.5 Technological change
What is technological change,
Define invention,
Define innovation
9
cards
3.1 Market structures
What are the 6 conditions for per...,
What is monopolistic competition,
What are the conditions of an oli...
12
cards
3.2 - Objectives of firms
What is the main objective of firms,
What is the profit formula,
Why do firms wish to maximise pro...
7
cards
3.3 Perfect competition
Who is perfect information ideal for,
Why doesn t perfect competition e...,
Why is perfect competition a hypo...
4
cards
3.4 Monopoly
What are the key features of a mo...,
At what point do monopolies profi...,
When do firms make supernormal ab...
9
cards
3.5 Monopolistic competition
Define monopolistic competition,
How does monopolistic competition...,
How does monopolistic competition...
5
cards
3.6 Oligopoly
What are the features of an oligo...,
Why do oligopolies tend to not co...,
Why in oligopolistic competition ...
9
cards
3.7 Price Discrimination
What is a consumer surplus,
How is consumer surplus shown on ...,
What is a producer surplus
9
cards
3.8 The dynamics of competition and the competitive market process
In the short run why will firms i...,
In the long run why will perfectl...,
What benefits do the consumers ga...
3
cards
3.9 Contestable and non contestable markets
What is a contestable market,
What is a non contestable market,
What is hit and run competition
14
cards
4.1 The demand for labour
What is the difference between th...,
What are the influencing factors ...,
What is derived demand
8
cards
4.2 The supply of labour
What monetary factors influence t...,
What factors can influence the wa...,
What non monetary factors influen...
9
cards
4.3 Perfectly competitive labour markets
What are the 6 conditions for a p...,
What are market forces,
What are wage differentials
6
cards
4.4 Imperfectly competitive labour markets
Define monopolydefine monopsony,
What is monoposny power,
What are the feature of a pure mo...
5
cards
4.5 Trade unions
What is a trade union,
What is collective bargaining,
Why is a trade union regarded as ...
10
cards
4.6 The national minimum wage
What are the positives of the nat...,
What are the negatives of the nat...,
What type of diagram can be used ...
3
cards
4.7 Discrimination in the labour market
What is wage discrimination,
Why does wage discrimination occur,
What is negative discrimination
9
cards
5.1 The distribution of income and wealth
What is the difference between in...,
Is there a correlation between in...,
What is the difference between eq...
14
cards
5.2 The problem of poverty
What is absolute poverty,
What is relative poverty,
What are the causes of poverty
7
cards
5.3 Government Policy - Poverty
What is fiscal drag,
What is the poverty trap,
What are means tested benefits
11
cards
6.1 Market analysis and market failure
What is a pricing mechanism,
What is a missing market,
What is partial market failure
15
cards
6.2 Government intervention
Why do governments intervene in m...,
What are the 2 taxes governments ...,
What happens to the supply curve ...
12
cards
6.3 Competition policy
What is competition policy,
What methods are used to enhance ...,
What 4 areas are competition poli...
5
cards
6.4 Public ownership and Privatisation
What is public ownership,
What are the benefits of public o...,
What are the drawbacks of public ...
12
cards
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Microeconomics Year 2
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