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economics paper 1

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

By: Jakub Szydło
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Decks in this class (10)

nature of economics
Ceteris paribus,
Positive statement meaning,
Normative statement meaning
45  cards
how markets work
Objective of consumer,
Objectives of firms,
Objectives of the government
46  cards
market failure
Market failure meaning,
Types of market failure,
Externalities meaning
17  cards
government intervention
Government intervention meaning,
Types of gov intervention,
Indirect tax in gov intervention
24  cards
business growth
Reasons why businesses want to grow,
Why a firm stays small,
Principal agent problem meaning
29  cards
business objectives
Profit maximisation meaning,
Pro of profit maximisation,
Con of profit maximisation
11  cards
revenue cost profits
Total revenue meaning,
Average revenue,
Marginal revenue
28  cards
market structure
Efficiency meaning,
Static efficiency meaning,
Allocative efficiency meaning
47  cards
labour markets
Derived demand meaning,
Mrpl marginal revenue productivit...,
What does mrpl show
24  cards

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economics paper 1

  • Class purpose General learning

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