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Microeconomics year 1 > 5.7 Inequitable distribution of income and wealth > Flashcards

5.7 Inequitable distribution of income and wealth Flashcards

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Microeconomics year 1 (31 decks)

1.1 Economic methodology

1.2 Nature and Purpose of Economic Activity

1.3 Economic Resources

1.4 Scarcity, choice, and the allocation of resources

1.5 PPF's/PPC's

2.1 The determinants of demand

2.2 Price, income and cross elasticities of demand

2.3 The determinants of supply

2.4 Price elasticity of supply

2.5 The determination of market equilibrium

2.6 The interrelationship between markets

2.7 Application to particular markets

3.1 Productivity and production

3.2 Specialisation, division of labour and exchange

3.3 Costs of production

3.4 Economies and Diseconomies of Scale

3.5 Average revenue, total revenue and profit

4.1 Market structures

4.2 The objectives of firms

4.3 Competitive markets

4.4 Monopoly and Monopoly Power

4.5 The competitive process

5.1 How markets and prices allocate resources

5.2 The meaning of market failure

5.3 Public goods, private goods and quasi-public goods

5.4 Positive and negative externalities in production and consumption

5.5 Merit and demerit goods

5.6 Market imperfections

5.7 Inequitable distribution of income and wealth

5.8 Government intervention in markets

5.9 Government failure

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