economics micro

This class was created by Brainscape user Will Davies. Visit their profile to learn more about the creator.

Decks in this class (19)

Micro part 1
What is economic good,
What is free good,
What is positive statement
29  cards
Micro Part 2- Margin, Opportunity of cost, specialisation and trade, resource allocation
What is the concept of margin,
Explain how consumer rationality ...,
How is the concept of margin used
29  cards
Micro part 3- Supply and demand, price volatility
Define market,
Define sub market,
What are the 8 types of demand
32  cards
Micro part 4- Elasticity and PED
What is elasticity,
What is ped,
What factors effect ped
34  cards
Micro part 5- Efficiency and Business Objectives
What is economic efficiency,
What is static efficiency,
What does dynamic refer to
31  cards
Micro part 6- Revenue/sales maximisation, Profits and Costs
When does revenue maximisation occur,
When does sales maximisation occur,
What can sales maximisation resul...
32  cards
Micro part 7- Economies and Scale, Profit
What are economies of scale,
What are internal eos,
What are external eos
23  cards
Micro part 8- Perfect Competition, Monopolies
What are the characteristics of p...,
How does infinite amount of buyer...,
Short long run profits abnormal p...
30  cards
Micro part 9- Price discriminating monopolies, Oligopoly
What is price discrimination,
What are the conditions of price ...,
What is first degree price discri...
31  cards
Micro part 10- price leadership, Concentration Ratios/Contestability
When does price leadership occur,
How does price leadership happen,
What is barometric pricing
24  cards
Micro part 11- Growth of firms, market failure
How do firms grow,
What does internal growth mean,
What are disadvantages of interna...
28  cards
Micro part 12- Information asymmetries, public goods, inequity
What is imperfect info,
What is asymmetric info,
What is moral hazard
31  cards
Micro part 13- Environment
What is the function of environment,
Describe market failure in respec...,
What does kuznets curve show
21  cards
Micro part 14- Government Intervention
When do govs intervene,
What is indirect taxation,
What are advantages of indirect t...
34  cards
Micro part 15- Gov. intervention (2), Gov. failure
What is info provision,
What does gov regulation do,
How can gov regulation lead to a ...
17  cards
Micro part 16- Labour markets
What is derived demand,
What is nominal wage,
What is real wage
30  cards
Micro part 17- Labour markets (2), Trade unions, min/max wage
Describe wage determination in a ...,
To maximise profits firms should ...,
What is marginal revenue product ...
33  cards
Micro part 18- Issues in the labour market
What is the national living wage,
What is labour market flexibility,
What is geographical flexibility
10  cards
Micro part 19- Impact on labour market
What is migration,
What effect does migration have o...,
How is migration used to solve ga...
18  cards

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economics micro

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