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Harry Sroka
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Decks in this class (48)
1.1.1 Economics as a Social Science
What is ceteris paribus 1
1
cards
1.1.2 Positive and Normative Statements
What are positive statements 1,
What are normative statements 2
2
cards
1.1.3 The Economic Problem
What is the basic economic problem 1,
What is opportunity cost 2,
What are the factors of production 3
4
cards
1.1.4 PPFs
What does a ppf show 1,
What is a capital good 2,
Desribe a ppf 3
4
cards
1.1.5 Specialisation and the Division of Labour
What is specialisation 1,
What is the division of labour 2,
What are the advantages of specia...
7
cards
1.1.6 Free Market, Mixed and Command Economies
What is a free market economy 1,
What are the advantages of a free...,
What are the disadvantages of a f...
8
cards
1.2.1 Rational Decision Making
What does a rational consumer do 1,
What does a rational firm do 2,
What does a rational government do 3
3
cards
1.2.2 Demand
Causes of shifts in demand 1,
What is diminishing marginal util...,
What is total utility 3
3
cards
1.2.3 Elasticity of demand
Define ped 1,
Formula for ped 2,
How do you calculate revenue 3
24
cards
1.2.4 Supply
What affects supply 1
1
cards
1.2.5 Elasticity of supply
What is pes 1,
Influences on price elasticity of...,
What is price elastic 3
4
cards
1.2.6 Price Determination
What is the equilibrium point 1,
Excess supply 2,
Excess demand 3
3
cards
1.2.7 Price Mechanism
What are the three functions in t...,
What is the rationing function 2,
What is the signalling function 3
4
cards
1.2.8 Consumer and Producer Surplus
What is consumer surplus 1,
Describe consumer producer surplu...,
What is producer surplus 3
9
cards
1.2.9 Indirect Taxes and Subsidies
What are indirect taxes 1,
What is specific tax 2,
What is ad valorem tax 3
11
cards
1.2.10 Alternative Views Of Consumer Behaviour
What are the 3 main reasons of ir...,
Explain how influences of other p...,
Explain how influence of habitual...
4
cards
1.3.1 - Types of Market Failure
What is market failure 1,
What are the 3 types of market fa...,
What is an externality 3
6
cards
1.3.2 - Externalities
What are private costs benefits 1,
What are social costs benefits 2,
What are external costs benefits 3
8
cards
1.3.3 - Public Goods
What are public goods 1,
What is a quasi public good 2,
What is the free rider problem 3
4
cards
1.3.4 Infomation Gaps
What is perfect infomation 1,
What is asymmetric infomation 2,
How does advertising affect infom...
7
cards
1.4.1 Government Intervention
How does indirect taxation fix an...,
What are the advantages of indire...,
What are the disadvantages of a i...
22
cards
1.4.2 Government Failure
What is government failure 1,
What are the 4 types of governmen...,
What is distortion of price signa...
6
cards
Theme 1
What is a positive statement 1,
What is a normative statement 2,
What is the basic problem of econ...
59
cards
Theme 1 (MDF)
What is the basic economic problem 1,
Why is choice central to the basi...,
Economics is the study of 3
322
cards
Theme 1 Application
Example of the rationing function 1,
Example of the incentive function 2,
Opportunity cost 3
31
cards
3.1.1 Sizes and Types of firms
What are the benefits of growing ...,
What is the public sector 2,
What is the principal agent probl...
7
cards
3.1.2 Business Growth
What is organic growth 1,
Advantages of organic growth 2,
Disadvantages of organic growth 3
19
cards
3.1.3 Demergers
What is a demerger 1,
What are 4 core reasons for demer...,
How does a lack of synergy result...
8
cards
3.2.1 Business Objectives
What are the 3 main business obje...,
What is profit maximisation in th...,
Where is profit maxing on a diagr...
11
cards
3.3.1 Revenue
What is total revenue 1,
Blank 2,
What is ar 3
10
cards
3.3.2 Costs
What are fixed costs 1,
What are variable costs 2,
What is marginal cost 3
12
cards
3.3.3 Economies and Diseconomies Of Scale
What are the 6 key economies of s...,
What are the 4 diseconomies of sc...,
What are financial economies of s...
17
cards
3.3.4 Normal profits, supernormal profits and losses
What are explicit costs 1,
What are implicit costs 2,
Why must implicit costs be consid...
13
cards
3.4.1 Efficiency
What is allocative efficiency 1,
Where does allocatively efficient...,
Are firms likely to be allocative...
14
cards
3.4.2 Perfect Competition
What is perfect competition 1,
What are the characterisitcs of p...,
Short run vs long run for perfect...
4
cards
3.4.3 Monopolistic Competition
What is monopolisitc competition 1,
Characteristics of monopolostic c...,
For monopolistic firms what does ...
4
cards
3.4.4 Oligopoly
0
cards
3.4.5 Monopoly
0
cards
3.4.6 Monopsony
What is a monopsopy 1,
Pure monopsopy 2,
Three characteristics of a monops...
7
cards
3.4.7 Contestability
What is a contestable market 1,
Characteristics of a contestable ...,
What is hit and run competition 3
15
cards
3.5.1 Demand For Labour
0
cards
3.5.2 Supply Of Labour
0
cards
3.5.3 Wage Determination in Competitive and Non Competitive Markets
0
cards
3.6.1 Government Intervention
0
cards
3.6.2 The Impact Of Government Intervention
0
cards
Theme 3
What is profit maximisation 1,
Where does revenue maximisation o...,
What is a price taker ar curve 3
43
cards
Theme 3 MDF
0
cards
Theme 3 Application
Principal agent problem 1,
Organic growth 2,
Horizontal integration 3
41
cards
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WH Economics (Micro)
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