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Unknown Unknown
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Decks in this class (20)
1.1.1 Economics as a social science
Economists need to make assumptio...,
What type of science is economics 2
2
cards
1.2.1 Rational Decision Making
What is neo classical theory 1,
A key assumption of neo classical...,
Limitations of the assumption of ...
3
cards
1.2.2 Demand
What is demand 1,
Demand and price movements 2,
Conditions of demand shifts 3
8
cards
1.2.3 Elasticities of Demand
Price elasticity of demand formula 1,
Income elasticity of demand formu...,
Cross elasticity of demand formula 3
13
cards
1.2.4 Supply
What is supply 1,
Why are supply curves upward slop...,
Movements of supply 3
5
cards
1.2.5 Elasticity of Supply
Price elasticity of supply formula 1,
Numerical values 2,
Factors affecting pes 3
3
cards
1.2.6 Price Determination
What is the equilibrium price 1,
Excess demand 2,
Excess supply 3
5
cards
1.2.7 Price Mechanism
What is the price mechanism 1,
Functions of the price mechanism 2,
The price mechanism in context of...
5
cards
1.3.1 Market Failure
What is market failure 1,
Partial complete market failure a...,
Types of market failure 3
3
cards
1.3.2 Externalities
Externalities 1,
Private social and external costs...,
Where is the socially optimum pos...
8
cards
1.4.1 Government Intervention In Markets
Why do they intervene 1,
Indirect taxes 2,
Indirect taxes diagrams 3
16
cards
1.4.2 Government Failure
Government failure 1,
Distortion of price signals 2,
Unintended consequences 3
5
cards
3.1.2 Business Growth
Reasons for growth 1,
Organic growth 2,
Organic growth adv disadv 3
10
cards
3.2.1 Business Objectives
Firms motives are determined by w...,
Profit maximisation 2,
Profit maximisation diagram 3
8
cards
3.3.1 Revenue
Types of revenue 1,
Price elasticity and revenue part...,
Price elasticity and revenue part...
4
cards
3.3.2 Costs
Economic cost of production 1,
Total costs 2,
Average costs 3
12
cards
3.3.3 Economies and Diseconomies of Scale
Economies of scale 1,
Diseconomies of scale 2,
The minimum efficient scale 3
6
cards
3.3.4 Normal Profits, Supernormal Profits and Losses
Profit maximisation 1,
Normal supernormal profits losses 2,
Short run and long run shutdown p...
4
cards
3.4.1 Efficiency
Allocative efficiency 1,
Productive efficiency 2,
Dynamic efficiency 3
4
cards
3.4.4 Oligopoly
Characteristics of oligopoly 1,
Calculation of n firm concentrati...,
Collusion 3
13
cards
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Economics Paper 1
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