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A Level Economics application > microeconomics > Flashcards

microeconomics Flashcards

1
Q

London Takeaways - monopolistic

A

1000 small companies, low sunk costs and each has a slightly different type of good

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2
Q

advantages of demergers

A

diseconomies of scale, specialisation, raise money, conflicts in culture

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3
Q

examples of non-price competition

A

advertising, loyalty cards, branding and quality

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4
Q

acronym for factors affecting PED

A

NASBIT - Necessity, Addiction/habit, Substitutes, Branding, Income, Time

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5
Q

acronym for factors affecting PES

A

TEASS Time, state of the Economy, Availability of inputs, Spare capacity, Stockpiles

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6
Q

Adam Smith

A

economics as a science, specialisation and division of labour, invisible hand, leissez-faire

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7
Q

advantages of free market

A

efficient allocation of resournces by price mechanism, lower prices due to competition, consumer choice

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8
Q

disadvantages of free market

A

inequality, monopolies, market failure

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9
Q

advantages of command economy

A

government can correct market failure, stop monopoly abuse, reduced inequlity

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10
Q

disadvantages of command economy

A

limited choice, government failure, destroys incentives

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11
Q

examples of external benefits in consumption

A

vaccinations stop spreading of disease, healthy food leads to more productive workers

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12
Q

types of government failure

A

min price leads to x - inneficiency, max price leads to shortages, law of unintended consequences, information gaps, administration costs

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13
Q

examples of unintended consequences leading to government failure

A

speed bumps and ambulances, black markets, you dont drive today, cobras in 1930s deli

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14
Q

examples of information gaps leading to government failure

A

Alan Greenspan and 2008 economic crisis, garden bridge, carbon tax

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15
Q

how many workers are at risk of being replaced by capital in the next 15 years

A

> 10 million

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16
Q

factors affecting elasticity of supply for labour

A

skills and qualifications, unemployment, time

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17
Q

factors affecting elasticity of demand for labour

A

substitutes, percentage of total cost, time

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18
Q

causes of labour market shifts

A

derived demand, productivity, capital costs, migration, income tax and benefits, non-pecuniary benefits

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19
Q

cost of smoking related illness to NHS

A

£3-6bn a year

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20
Q

cost to NHS of alcohol related illness

A

£3 - 5 bn a year

21
Q

how much does the UK government spend on education

A

£80 bn a year

22
Q

how much does the UK government spend on healthcare

A

£110 bn a year

23
Q

how much of public expendature in the UK is spent on education and health

A

2/7

24
Q

percentage of smartphones that don’t use Android or IOS

A

1%

25
Q

percentage of internet searches that use google

A

90%

26
Q

most densely populated country in Africa

A

The Gambia

27
Q

The Gambia Gini coeficient

A

0.47

28
Q

trump corp. tax cut

A

35% to 21%

29
Q

cost to US society of government shutdown

A

$11 bn

30
Q

American Recovery and Reinvestment Act

A

> $700bn

31
Q

how much did UK gdp fall in the recession

A

6%

32
Q

how much did US GDP fall in the recession

A

4.2%

33
Q

impact of QE in the UK

A

raised output by up to 2% in 2009

34
Q

value of UK QE by 2014

A

£375 bn

35
Q

problems faced by policymakers

A

inaccurate information, risks and uncertainties

36
Q

calculating the HDI

A

3√(average life expectancy at birth x average years in school x GNI per capita)

37
Q

ETS

A

2bn tonne cap and kept 10% back to sell

38
Q

example of a carbon tax

A

Austrailia £15 levy on each tonne of greenhouse gas theu emit

39
Q

percentage of A&E assault victims who had been drinking

A

80%

40
Q

how many lives would the Scottish min price save

A

58 in the first year

41
Q

how much would the Scottish min price decrease hospital admissions

A

1300

42
Q

how much have rail fares risen since 2007

A

50%

43
Q

how many franchised trains ran on time in 2017

A

87%

44
Q

private investment in the UK rail industry in 2016-17

A

over £900m

45
Q

PFI projects in the UK

A

716 as of March 2016

46
Q

percentage of teachers in the public sector in the UK

A

88%

47
Q

Number of people on insecure and low paid work

A

4millon

48
Q

Impact of ultra low emission zone

A

9400 less polluting vehicles in London per day in April compared to march

A Level Economics application (3 decks)

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