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By:
Yamin Ahmed
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Decks in this class (23)
Economic Probelm, Economic Agents & Opportunity Cost
Basic economic problem,
Scarcity,
Factors of production fop
8
cards
Specialisation
Specialisation,
Division of labour,
Adv disadv of specialisation
3
cards
Demand
Demand,
Factors that shift demand,
Application demand
3
cards
Supply
Supply,
Types of supply,
Shifts in supply
4
cards
Producer & Consumer Surplus
Consumer surplus,
Producer surplus
2
cards
PED, YED & XED
Price elasticity of demand ped,
Factors affecting ped,
Income elasticity of demand yed
7
cards
PES
Price elasticity of supply pes,
Factors influencing pes
2
cards
Determination Of Equilibrium & Market Prices
Equilibrium price quantity,
Excess demand,
Excess supply
3
cards
Production, Costs & Revenue
Short long run,
Marginal average total revenue,
Law of diminishing returns
4
cards
Costs of Production
Fixed variable costs,
Marginal average total costs,
Short run average total cost curve
5
cards
Economies & Diseconomies of Scale
Internal economies of scale,
External econonmies of scale,
Diseconomies of scale
7
cards
Marginal, Average & Total Revenue
Marginal average total revenue,
Why ar demand,
Relationship between ar mr mr tr
3
cards
Market Structures
Market sructure spectrum,
Features of a market structure,
Barriers to entry
3
cards
Objectives of Firms
Profit,
Profit maximisation,
Divorce of ownership fromcontrol
5
cards
Perfect Competition
Characteristics of perfect compet...,
Profit maximising qquilibrium in sr,
Profit maximising equilibrium in lr
4
cards
Monopolistic Competition
Characteristics of monopolistical...,
Profit maximising equilibrium in sr,
Profit maximising equilibrium in lr
4
cards
Oligopoly
Characteristics of oligopoly,
Collusive non collusive oligopoly,
Non collusive
11
cards
Monopoly & Monopoly Power
Characteristics of monopoly,
Factors influencing monopoly power,
Profit maximising equilibrium
4
cards
Price Discrimination
Price discrimination,
Different price elasticities in a...,
Types of price discrimination
4
cards
Dynamics of Competition & Competitive Market Processes
Sr lr benefits from competition,
Non price competition,
Process of creative destruction
3
cards
Contestable & Non Contestable Markets
Characteristics of contestable ma...,
Significance contestable markets,
Types of barriers to entry
5
cards
Market Structure, static Efficiency, Dynamic Efficiency & Resource Allocation
Static dynamic efficiency,
Conditions required for productiv...,
Dynamic efficiency
4
cards
Labour Markets
Labour,
Factors affecting demand for labour,
Marginal productivity theory of d...
10
cards
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economics 📈: micro
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