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Joe Power
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Decks in this class (56)
1.1 Economic Methodology
What is normative economics,
C,
What is economics the study of
11
cards
1.2 The Nature And Purpose Of Economic Activity
Why are goods and services produced,
What is a need,
What is a want
30
cards
1.3 Economic Resources
What are the four factors of prod...,
What actually is production,
Inputs are used to make
12
cards
1.4 Scarcity, Choice And Allocation Of Resources
What is the fundamental economic ...,
Scarcity,
What is the opportunity cost
14
cards
1.5 Production Possibility Diagrams
Who do we explain that the econom...,
What is technical progress,
What is a production possibility ...
33
cards
2.1 Consumer Behaviour
What does traditional economics a...,
What is rational behaviour,
For households and the people in ...
40
cards
2.2 Imperfect Infomation
What does traditional economic th...,
What happens as a result of imper...,
How can a choice be wrong at rati...
12
cards
2.3 Aspects Of Behavioural Economic Theory
What is behavioural economics,
What is behavioural economics bui...,
When did the uk gov set up bit an...
47
cards
2.4 Behavioural Economics And Economic Policy
How should we think of behavioura...,
What should the gov do to help pe...,
What is choice architecture
23
cards
3.1 The Determinants Of Demand
What is the nature of the market,
What is a market,
When does a market transaction occur
39
cards
3.2 Price, Income And Cross Elasticites Of Demand
What is elasticity,
Price elasticity demand equation,
Income elasticity of demand equation
30
cards
3.3 The Supply Of Goods And Services
What is market supply,
What is total revenue,
What is market supply made out of
27
cards
3.4 Price Elasticity Of Supply
What is the price elasticity of s...,
What is the formula for pes,
How do you know if the curve is e...
28
cards
3.5 The Determination Of Equilibrium Market Price
What is market equilibrium,
What is equilibrium,
What is disequilibrium
32
cards
3.6 The Interrelationship Between Market
What can the price mechanism do t...,
What is joint supply,
Give an example of joint supply
13
cards
4.1 Production
What is production,
What does the production theory l...,
What does the short run productio...
22
cards
4.2 Specialisation, Division Of Labour And Exchange
What is specialisation,
What is division of labour,
What did adam smith say about fac...
16
cards
4.3 The Law Of Diminishing Returns And Returns To Scale
What is the short run,
What is the only way a firm can i...,
What is the long run
29
cards
4.4 Costs Of Production
What does production do,
Equation for total cost,
Equation for average total cost
35
cards
4.5 Economies And Diseconomies Of Scale
What are economies of scale,
What is diseconomies of scale,
What is the curve of economies of...
60
cards
4.6 Marginal, Average And Total Revenue
What is total rev,
What is average revenue,
What is marginal revenue
33
cards
4.7 Profit
What is profit,
What is profit maximisation,
What is a loss
15
cards
4.8 Technological Change
What is technological change,
What does technology do,
What does the development of tech...
27
cards
5.1 Market Structure
What is a market structure,
What are some important factors o...,
What are the two extremes of a ty...
24
cards
5.2 The Objectives Of Firms
Total profit,
Total cost is written as,
Total revenue is written as
47
cards
5.3 Perfect Competition
Why does perfect competition not ...,
What are the six conditions of pe...,
What is a uniform product
49
cards
5.4 Monopoly And Monopoly Power
What is a monopoly,
What is a working monopoly,
What is a pure monopoly
27
cards
5.5 The Advantages And Disadvantages Of Monopoly
What two sources do the advantage...,
Why is a monopoly good is a small...,
What is another key advathe
36
cards
5.6 Monopolistic Competition
What does monopolistic competitio...,
What is monopolistic competition ...,
What does monopolistic competitio...
34
cards
5.7 Oligopoly
What does oligopoly mean,
Wha is a concentration ratio,
What is market conduct
55
cards
5.8 Price Discrimination
What is price discrimination,
What is 1st degree price discrimi...,
What is 2nd degree price discrimi...
18
cards
5.9 The Dynamics Of Competition And Competitive Market Processes
How does the economy benefit from...,
Firms don t just compete in price...,
In imperfect competition firms ta...
11
cards
5.10 Contestable And Non-contestable Markets
What is a contestable market,
What is a contestable market in s...,
Is the number of firms in a conte...
22
cards
5.11 Market Structure, Static Efficiency, Dynamic Efficiency And Resource Allocation
What is state efficiency,
What is productive efficiency,
When does allocative efficiency o...
16
cards
5.12 Consumer And Producer Surplus
How do you measure consumer surplus,
In the graph what is total consum...,
What increases whenever consumer ...
27
cards
6.1 The Demand Of Labour
What is a labour market an exampl...,
What is a factor market,
What are the four factor markets
42
cards
6.2 Influences On The Supply Of Labour To Different Labour Markets
What does the demand curve for la...,
What does the labour supply curve...,
What are the two factors that inf...
25
cards
6.3 Perfectly Competetive Labour Markets
What are the conditions for a per...,
What is the demand curve of labou...,
How much labour can a firm employ...
16
cards
6.4 Imperfectly Competitive Labour Markets
What is a monopsony,
What is monopsony power,
What is an example of a pure mono...
25
cards
6.5 The Inflence Of Trade Union In Determining Wages And Levels Of Unemployment
What is a trade union,
What is collective bargaining,
What essentially is the function ...
30
cards
6.6 The National Minimum Wage
What is the national minimum wage,
What happens if the minimum wage ...,
If labour markets are monopolisti...
17
cards
6.7 Discrimination In The Labour Market
What is wage discrimination,
Who has the power to implement wa...,
Diagram for wage discrimination
14
cards
7.1 The Distribution Of Income And Wealth
What is the distribution of income,
What is the distribution of wealth,
What is income
64
cards
7.2 The Problem Of Poverty
What is poverty,
What is poverty caused by,
What is relative poverty
24
cards
7.3 Goverment Policies To Alleviate Poverty And To Influence The Distribution Of Income And Wealth
How can poverty increase,
How can you reduce poverty in the...,
What do pro free market economist...
51
cards
8.1 How Markets And Prices Allocate Resources
What is the signalling function o...,
What are the 4 functions or price...,
Give an example of the signalling...
22
cards
8.2 The Meaning Of Market Failure
What is market failure,
What is complete market failure,
What is the result of compete mar...
10
cards
8.3 Private Goods Public Goods And Quasi-public Goods
What is a private good,
What is an excludable good,
What is a rival good
25
cards
8.4 Positive And Negative Externalities In Production And Consumption
When do externalities exist,
What is an externality,
Externality simple def
53
cards
8.5 Merit And Demerit Goods
What is a merit good,
What is the difference between me...,
What type of market failures do m...
32
cards
8.6 Market Imperfections
When does perfect information exi...,
In an oligopolistic market how ca...,
Why is a monopoly a form of marke...
10
cards
8.7 Competition Policy
What are two important points to ...,
What is competition policy,
What is the aims of competition p...
36
cards
8.8 Public Ownership, Privitisation, Regulation And Deregulation Of Markets
What is public ownership,
What are publicly owned industrie...,
How have labour governments justi...
39
cards
8.9 Goverment Intervention In Markets
What are the different schools of...,
What do free market economists be...,
What do interventionist economist...
45
cards
8.10 Goverment Failure
What is government failure,
What is the aim of government int...,
What are three examples of govern...
15
cards
Micro Economics Key Terms
0
cards
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a level economics: microeconomics
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