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Zak copy econ > micro year 1 (part 1) > Flashcards

micro year 1 (part 1) Flashcards

1
Q

what is the basic economic problem

A

how to allocate scarce resources given unlimited wants

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2
Q

what is opportunity cost

A

The cost of the next best alternative forgone when a choice is made

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3
Q

what does a PPF diagram show us

A

the maximum possible production of 2 goods/service with given factors of production

The various combinations of 2 good/service that can be produced with given factors of production

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4
Q

what goes on the x and y axis’ of a micro PPF

A
  • 2 specific goods/services (e.g laptops and iPads)
  • or consumer goods and capital goods
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5
Q

what goes on the x and y axis’ of a macro PPF

A

goods , services

consumer goods and capital goods

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6
Q

what is the law of increasing opportunity cost

A

as the production of one good increases, the opportunity cost of producing additional units of that good also increases.

because resources are not perfectly adaptable

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7
Q

what does a concave PPF curve illustrate

A

the law of increasing opportunity cost

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8
Q

what does a liner (straight) PPF curve illustrate

A

shows constant opportunity cost

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9
Q

where is productive efficiency and where is productive inefficiency on a PPF

A

any point on the curve is productively efficient
(using all factors of production to there maximum levels)
Any point inside the curve is productively inefficient(unemployment on macro)
Any point outside of the curve is unattainable with the given factors of production

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10
Q

what is allocative efficiency

A

allocative efficiency is wether what’s being produced is satisfying consumer demand

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11
Q

what is Pareto efficiency and where is it on a PPF

A
  • the idea that you cannot make someone better off without making someone else worse off
  • Pareto efficiency is on any point on the curve as if you change the ratio of production you are making people who like the foregone product worse off
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12
Q

how do you shift the PPF curve

A

-increase/decrease the quality and or quantity of factors of production (Q^2CELL)
-The shift could also favour one product more than the other and so the curve would shift more on one side than the other

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13
Q

how do you go from a point inside a PPF curve to a point on the PPF curve

A

Use factors of production better (use labour better, if there is any unemployment of labour in the business use it up)

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14
Q

What is the Law of demand

A

There is an inverse relationship between price and quantity demanded, as price increases quantity demanded decreases (vice versa)
Assuming cetris paribus

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15
Q

Why is the demand curve downward sloping

A
  • there is an inverse relationship between price and quantity demand
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16
Q

What is the income effect
Don’t know about this one styl ?????

A

As prices go up our incomes can’t stretch as far and therefore we are less ABLE to buy as we can’t afford the same quantity of goods as before and demand contracts because of this
vice versa for a lowering of price

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17
Q

What is the substitution effect

A
  • as prices for a good increase the price of substitues become more competitive and so demand switches

vice versa for a lowering of price

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18
Q

definition of supply

A

The quantity of a good/service producers are willing and able to produce at a given price in a given time period

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19
Q

what is the law of supply

A
  • direct relationship between price and quantity supplied (assuming ceteris paribus)
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20
Q

why is the supply curve upward sloping

A
  • direct correlation between price and quantity
  • higher price needed to cover higher marginal cost of production.
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21
Q

What are the non price factors that can affect supply

dont think just about individual firms

A
  • Productivity
  • taxation
  • No. of firms (market level supply)
  • Subsidies
  • Weather (agriculture)
  • Costs of production (transport, labour, oil, raw materials, regulations, utilities, rent, wages)
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22
Q

why is economics a social science

A

it uses scientific methods to build theories that can explain behaviour of individuals

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23
Q

what is division of labour

A

The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency

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24
Q

what makes division of labour effective

A
  • promotes efficiency as individuals become specalised which increases productivity
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25
Q

what are the cons of division of labour

A
  • Unrewarding, repetitive work can lower motivation
    ^lower productivity.
  • Workers take less pride in work so quality suffers.
  • Dissatisfied workers causes absenteeism to increase.

absenteeism means the practice of regularly staying away from work or school without good reason.

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26
Q

what is the difference between positive and normative statements

A

Positive statement can be tested using empirical data and are objective and fact based

Normative statements are based on opinion and include value judgements.

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27
Q

Define the primary sector

A

The primary sector is a part of the economy that involves the extraction and collection of natural resources (Agriculture, Fishing, mining and forestry are all examples)

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28
Q

Define the secondary sector

A

The secondary sector is a part of the economy that involves the processing and manufacturing of raw materials into finished products, such as the production of Cars, electronics and furniture.

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29
Q

Define the tertiary sector

A

The tertiary sector involves the provision of goods/services to businesses and consumers such as healthcare, education, transportation, tourism and retail

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30
Q

Define the quaternary sector

A

the quaternary sector involves the knowledge-based sector, including R&D, information technology and innovation

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31
Q

what is utility

A

the usefulness or enjoyment a consumer can get from a service or good.

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32
Q

what do consumers and suppliers look to maximise

A

consumers look to maximise utility with every item consumed
Suppliers look to maximise profit

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33
Q

Define consumer surplus

A

The difference between the amount a consumer is willing and able to pay for a good/service and what they consumer actually pays

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34
Q

Define producer surplus

A

The difference between the price the producer is willing and able to supply a good/service for and the price they actually receive.

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35
Q

what is the formula for revenue

A

No. units sold x selling price

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36
Q

who was Adam Smith and what was his beliefs

A
  • Scottish economist and philosopher
  • believed in free market economies
  • came up with the invisible hand (a metaphor for the unseen forces that move the free market economy)
  • believed capitalism driven by Self interest leads to a thriving economy
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37
Q

who was Karl Marx and what was his beliefs

A
  • German economist.
  • critiqued capitalism, prompted communism
  • believed that the value of goods and services is determined by the amount of labor required to produce them (labor theory of value).
  • argued capitalism exploits workers by extracting surplus value from their labor.
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38
Q

what is a command economy

A

where all resources are owned by the government or central authority, who decides what to produce, how to produce it and who for and also the price that goods/services sell for

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39
Q

what is the structure of a 15 marker

A

K
A
A
Ev
A
A
x2

detailed

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40
Q

what are the 4 key ways to evaluate

A

1) weight up your points on either side of the argument
2) Consider long and short run impacts
3) question assumptions made in your theory
4) Consider and weight up the key stake holders

Do multiple in one evaluation paragraph (dont have to do all but do 2-3)

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41
Q

what are the 4 functions of the price mechanism and in what order are they completed

A

1)signals price is to high/low
2)incentives to change price
3)rations excess demand/supply
4)allocates scarce resources

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42
Q
  • where would you find consumer surplus on a diagram
A
  • below the demand curve and above the price line
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43
Q

where would you find producer surplus on a diagram

A

Above the supply curve and below the price line

exept on a tax diagram where producer incidence is above the consumer incidence

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44
Q

what are complimentary goods and what are some examples

A

Goods that are in joint demand, they are usally bought together
(Razor & blades)
(printer & printer ink)

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45
Q

if there is a contration of demand of one good what would happen to its complimentary good

A

There will be a shift in demand left as less people are willing and able to buy it

vice versa

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46
Q

what are substitute goods and what are some examples

A

Goods that are in competative demand
they are similar to each other
they are rivalrous
(coke & pepsi)
(tea & coffee)

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47
Q

if there is a contraction of demand on one good what will happen to the substitute good

A

The demand for the substitute will shift to the right

vice versa

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48
Q

what is derived demand and what are some examples

A

The demand for something is derived from the demand of something else
(Labour & output)
(Cars & Aluminium)

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49
Q

what is composite demand

A

The idea that 2 goods require the same good to make e.g butter and ice cream, both need milk
if there is an increase in the production of one good there is a decrease in the supply of the other as less resources can be used to make the product

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50
Q

what is joint supply

A

The idea that an increased supply of one good will increases the supply of another e.g. honey and beeswax
if one good is demanded more, the other good will be supplied more

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51
Q

What does PED measure

A

Measures the responsiveness of quantity demanded given a change in price

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52
Q

what is the formula for PED

A

%∆ in quantity demanded / %∆ in price

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53
Q

what is the formula for %∆

A

difference / original ( x100)

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54
Q

what do the values of PED tell us

A

> 1 demand is price elastic
<1 demand is price inelastic
0 demand is perfectly price inelastic
∞ is perfectly price elastic
1 is unit price elastic

55
Q

what does price inelastic and elastic actually mean

A

-if demand for a good is price elastic, then a percentage change in price will bring about an even larger percentage change in quantity demanded.
-if demand for a good is price inelastic, then a percentage change in price will bring about a smaller change in quantity demanded

56
Q

what does a elastic and inelastic demand curve look like

A

inelastic are much steeper whereas elastic have a more gentle gradient

57
Q

what determines a good/services PED elasticity

A

Substitutes, more subs more price elastic
Percentage of income ( that a price change takes), more it takes the more price elastic
Luxurys/necessity (luxurys are more price elastic whereas necessitys are more price inelastic)
Addictive/habit forming (more price inelastic)
Time period, in the short run demand is price inelastic because there are few subs available. In the long run demand is more pirce elastic as more subs become available

58
Q

what rhyming tool can be used to estimate how a change in price would affect total revenue for demand elastic and inelastic goods/services

A

elastic only iritates skin
elastic
opposite
inelastic
same

Increase in price of elastic good would reduce rev
Increase in inelastic good increase in rev

59
Q

what happens to total revenue if a price elastic good/service has an increase in price

A

elastic opposite, there would be a decrease in total revenue as the quantity demanded for the good drops dramatically

Vice versa if u decrease price

60
Q

what happens to total revenue if a price inelastic good/servie has a increase in price

A

Inelastic same, there would be a increase in total revenue as the Qd falls but only by a small amount

Vice versa if there is a decrease in price

61
Q

what is the formula for PES

A

%∆Qs/%∆Price

62
Q

what does PES measure

A

measures the responsiveness of quantity supplied to a change in price

63
Q

what do the values of PES tell us

A

> 1 supply is price elastic
<1 supply is price inelastic
0 supply is price in perfectly inelastic
∞ supply is perfectly price elastic
1 supply is perfectly unit price elastic

64
Q

what is unique about the values you get from PES

A

They are always positive, due to the law of supply

65
Q

what determines a good/service PES

A

Production lag( the longer the production lag the more supply inelastic)
Stocks( the larger the level of stocks the more price elastic)
Spare capacity (The more spare capacity the more price elastic supply is)
Substituteability of FOPs (The more substituteable the more price elastic supply is)
Time (In the short run supply is more price inelastic, in the long run supply is more price elastic)
^in the short run there is at least 1 fixed FOP usally 2 land and capital so is not as easy to change Qs, Long run all factors are variable and so is easier to change Qs

66
Q

what does XED measure

A

Measures the responsiveness of Qd of a good/service given a change in price of another good/service

67
Q

what is the formula for XED

A

%∆Qd(a) / %∆P(b)

A & B are products

68
Q

what do postitive and negative XED results show

A

if the answer to the calculation is positive then the products are substitues
If the answer to the calculation is negative then the products are compliments

Party Season Near Christmas. Positive substitute negative compliment

69
Q

What do the numerical values of XED tell us

A

> 1 Demand between the goods is price elastic (strongly related)
<1 Demand between the goods is price inelastic (weakly related)
0 demand between the goods is perfectly price inelastic ( no relationship)

70
Q

what would go on the x and y axis on a XED diagram

A

on the y axis put the price of one good
on the x axis put the change in demand of the other good

71
Q

which way would the demand curves slope on a compliment/substiute XED graph

A

On a compliment XED graph the demand curve would slope Downwards (like a normal demand curve)
On a substitute XED graph the demand curve would slope upwards (like a supply curve)

72
Q

What does YED measure

A

YED measures the responsivenes of the Qd given a change in income

73
Q

what is the formula for YED

A

%∆Qd / %∆Y

Y = income

74
Q

what do positive and negative YED results tell us

A

a positive result is a normal good
a negative result is a inferior good

75
Q

what do different positive YED values tell us

A
  • positive value = normal good
  • greater than 1 demand is income elastic (luxury)
  • less than 1 demand is income inelastic (neseccity)
  • 0 is perfectly income inelastic
76
Q

What do negative YED values tell us

A
  • negative value = inferiour good
  • greater than -1 demand is income elastic
  • less than -1 demand is income inelastic
  • -0 demand is perfectly income inelastic
77
Q

what is a normal good

A

good that sees an increase in demand as incomes rise

vice versa

78
Q

what is a luxury good

A

a good with elastic YED more than 1/-1

vice versa

79
Q

What is a inferior good

A

as incomes rise demand for good falls

vice versa

80
Q

how can PED be used by businessess

A
  • pricing descions for total revenue (if good elastic, should drop price to raise total rev)
  • employment, stocks and supply (if good elastic and want to lower price should increase supply which needs more labour)
  • needed for price discrimination
81
Q

How is PES important for businesses

A
  • bussinesses want supply as price elastic as possible, so they can change their supply more quickly following a change in price
  • if they know their supply is price inelastic they want to increase their elasticity
82
Q

How can XED be used by firms

A
  • helps with pricing desicions
  • helps make non-price competative desicions
  • important for employment, stocks and supply
    ^ if your rival dropping prices and you cant follow u have to be prepared for a decrease in revenue
83
Q

how is YED important for a business

A
  • important for pricing desicions
  • tells you type of good you produce (normal,luxury, inferior)
  • helps you plan for recessions and booms (as incomes fluctuates)
  • employment, stock and supply purposes
84
Q

What are some limitations to elasticitys

A
  • values only estimates of what could happen (data could be faulty)
  • cetris paribus is assumed
  • PED varies along the demand curve (firms cannot keep changing prices and expect too see the same impact on Qd)
85
Q

what are indirect taxes a form of

A

Goverment intervention

86
Q

what are the 2 main reasoon why indirect taxes are used

A
  • to raise goverment revenue (e.g VAT)
  • solve de-merit & negative externality market failures
87
Q

what are the general types of taxes that goverments use

A
  • Indirect taxes
  • Direct taxes
88
Q

what are directs taxes

A
  • tax on income/profit that cannot be transferred (e.g. income tax, national insurance, corparation tax, windfall tax)
89
Q

what are indirect taxes
Name examples

A
  • taxes imposed on expenditure
  • burden of tax is passed on to consumers via higher prices
  • examples include value-added tax (VAT), sales tax, excise duty, and tariffs.
90
Q

What are the types of indirect taxes

A

Specific and ad valoram

91
Q

what is a specific indirect tax

A

a tax per unit (e.g. wine duty or alcohol duty)

92
Q

what does the vertical distance between the supply curves on a specific indirect tax diagram represent

A

It represents the value of the tax

93
Q

What is an ad valoram tax

A

It is a tax as a % of a price (e.g. VAT)

94
Q

what is VAT as atm

A

20%

95
Q

How will the supply curve shift on a ad valoram tax diagram

A

it will shifted pivated to the origin of the original supply curve

96
Q

what are the key impacts of an indirect tax on the market

(graph)

A
  • An indirect tac will increase cost of production for firms so the supply curve will shift upwards
  • It will increase price and will decrease quantity
97
Q

what is consumer and producer burden/incidence

A
  • How much of a tax the consumer and producer pay
  • consumer budren is difference in pretax price and post tax price
  • producer burden is what ever is left
98
Q

Draw a full specific indirect tax, label what every part of the grpah means

A

Goverment revenue: P2, B, C, E
consumer burden:P2, B, D, P1
producer burden:P1, D, C ,E
Producer revenue: E, C Q1, origin
Dead-weight welfare loss: A, B, C

99
Q

What is the calculation for revenue

A

Price x quantity

100
Q

What is the effect of an indirect tax on producer revenue

A

it will decrease producer revenue

101
Q

what is the definition of deadweight welfare loss

A
  • cost to society created by market inefficiency
  • ^occurs when supply and demand are out of equilibrium.
  • the loss is not recovered by anyone
102
Q

what will be the attidue of consumers towards indirect taxes and why is this such

A
  • consumers will not like it as it will as it will increase price and decrease consumer surplus, it will also lower quantity and choice
  • consumers are burdened by indirect tax, indirect taxes are reggressive
103
Q

What does it mean if a tax is regressive

A

They take a larger proportion of income from low income houses than they do high income houses

104
Q

What is the producers/workers attitude towards indirect taxes and why would it be such

A

They will not like indirect taxes, producers will see lower producer revenue, their producer surplus comes down, they are burdened by indirect tax, workers could potentially lose their jobs (as labour is a derived demand), because quantity is falling there is less need for workers to produce

105
Q

what is a derived demand

A

demand that comes from (is derived) from the demand for something else.

106
Q

What is the attitude of the goverment on indirect taxes and why would it be as such

give for and against

A
  • like:
    because raise revenue and solve demerit good and negative externality market failure
  • dislike:
    have lots of unintended cosequences such as the harm on consumers and the reggressive nature of the indirect tax, the harm to producers (they might shut down or leave the country), black markets might also be created, a deadweight loss is created.
107
Q

If demand is perfectly price elastic on an indirect tax what will the impacts be

A
  • The consumer burden will be nothing
  • Producers will take the entire burden
  • Goverment revenue will be lowest in this situation
108
Q

If demand is price inelastic on an indirect tax what will the key impacts be

A
  • consumer burden will be higher
  • producer burden will be lower (producers feel they can raise their prices, transfer indirect tax without a massive loss in demand)
  • Goverment revenue would be higher in this situation
109
Q

If demand is perfectly price inelastic on an indirect tax what will the impacts be

A
  • consumers will take the entire consumer burden
  • producers will take none of the burden
  • Goverment revenue will be the highest in this situation
110
Q

if supply is elastic on a indirect tax what will the impacts be

A
  • consumer burden will be higher
  • producer burden will be lower
111
Q

If supply is perfectly price elastic on an indirect tax what will the impacts be

A
  • consumer burden will be everything
  • producer burden will be nothing
112
Q

If supply is price inelastic on a indirect tax what will the impacts be

A
  • consumer burden will be lower
  • producer burden will be higher
113
Q

If supply is perfectly price inelastic on a indirect tax diagram what will the impacts be

A
  • consumer burden will be nothing
  • producer burden will be everything
114
Q

what are subsidys

A

Money grant to firms by the goverment to reduce cost of production and encourage an increase in output

115
Q

what is a subsidy a form of

A

goverment intervention

116
Q

What are the 2 main reasons why subsidys are used by the goverment

A
  • to ↑ production of goods (usually merit)
  • to ↓ price of goods (usually merit/necessitys)
117
Q

what are some examples of things that are commonly subsidied

A
  • public transportation
  • energy efficent boilers
  • home insulation
  • electric cars
  • research and development
  • in work training programmes
118
Q

what are the key impacts of a subsidy

diagramatically

A
119
Q

On a subsidy diagram what does the vertical distance between the two supply curves represent

A

the value of the subsidy per unit

120
Q

drae a subsidy diagram and tell me what everything represents

A
  • Goverment cost: P2, b, c, d
  • Producer revenue: an increase from P1, a, Q1, o to d, C Q2, o
  • consumer savings: P1, P2, a, e
  • deadweight welfare loss: a, b, c
121
Q

How do consumers feel about subsidys

A

they do like subsidys to an extent, because prices fall, consumer surplus goes up, theres higher quantity, higher choice, if your a low income house hold there is greater affordability, consumer savings also take place
the issue for consumers is how the subsidy is going to be funded, it is going to be tax raises, is there going to be cuts from other areas of goverment spending, is the goverment going to borrow money ( in this case debt intrest needs to be payed), there is also a oppurtinity cost assocated with the subsidy (could be spent better somewhere else)

122
Q

How do prodcuers/workers feel about subsidys

A

They love subsidys, because there are huge increases to producer revenue also a big increase to producer surplus
workers like it because there is higher quantity there is greater employment (labour is a derived demand)

123
Q

How would the goverment feel about subsidys

A
  • Goverments would like subsidys if there 2 main aims are being achieved (solving market failures and increasing affordability of neccesitys)
  • goverments will be mindful of how expensive the subsidy is, the oppurtinity cost, the funding concerns
  • goverments will also be concerned as to how subsidys are being used (are producers taking advantage of subsidys, such as paying off debts or saving it in a bank)
  • also in the longrun producers could become dependent on subsidys and become complacent and inefficent, allowing other costs of production to rise
124
Q

what is the base rate in the UK

A

5.25 %

125
Q
  • what is unemployment rate in the uk
  • what is the target rate
A
  • 3.8 %
  • target = 4-5%
126
Q
  • what is inflation rate in uk
  • what is target rate
A
  • 4%
  • target = 2%
127
Q

what is national debt as a nomical value and as a % of GDP

A
  • £2.6 billion
  • 101%
128
Q

what is the fiscal deficit in the UK as a nominal value and as a % of GDP

A
  • £63 billion
  • 9.5% of GDP
129
Q

what is the value of the trade deficit as a % of GDP

A
  • 2.5 % of GDP
130
Q

what is the total amount of QE that has occured in the UK to date

A
  • £895 billion
131
Q
  • what is the UKs HDI value
  • whats the UKs population
A
  • 0.929
  • 67.3 million
132
Q

whats the rate of growth of GDP in 2020, 2021 & 2022

A
  • -10.4% in 2020 (due to pandemic)
  • 8.7% (recovery)
  • 4.3%
133
Q

what is the GDP per capita in the UK

A
  • £33,497
134
Q

what is the gini coefficent for the UK expressed as a %

A
  • 35.1 % (0.351)

Zak copy econ (7 decks)

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