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Decks in this class (57)
3.1.1 - Economic Methodology and the Economic Problem
What does economics study,
What is microeconomics the study of,
What is a positive statement
24
cards
3.1.2 - The Nature and Purpose of Economic Activity
What is a need,
What is a want,
What is welfare
24
cards
3.1.3 - Economic Resources
What is production,
What is a capital good,
What is a consumer good
10
cards
3.1.4 - Scarcity, Choice and the Allocation of Resources
What is scarcity,
What is the fundamental economic ...,
In free market economies what det...
11
cards
3.1.5 - Production Possibility Diagrams
What is the key feature of a ppd,
What are the two types of ppd s,
What does a straight line ppf rep...
21
cards
3.2.1 - Consumer Behaviour
What is utility,
What is marginal utility,
What is the difference between to...
33
cards
3.2.2 - Imperfect Information
What is the distinguishing behind...,
Why may people choose to underspe...,
What is asymmetric information
8
cards
3.2.3 - Aspects of Behavioural Economic Theory
What is behavioural economics,
Where has most of the behavioural...,
Why does the location of study on...
48
cards
3.2.4 - Behavioural Economics and Economic Policy
What is choice architecture,
How and why are choice architectu...,
What is the default choice
18
cards
3.3.1 - The Determinants of Demand
What is a market,
What is a competetive market,
What is ruling market price
29
cards
3.3.2 - Price, Income and Cross Elasticities of Demand
What is elasticity,
Why is elasticity a useful statistic,
What is the price elasticity of d...
24
cards
3.3.3 - The Supply of Goods and Services
What is market supply,
What is the relationship between ...,
What is a market supply curve
20
cards
3.3.4 - Price Elasticity of Supply
What is the price elasticity of s...,
What happens if the supply curve ...,
What is unity
23
cards
3.3.5 - The Determination of Equilibrium Market Prices
How is equilibrium price achieved...,
What is equilibrium,
What is disequilibrium
19
cards
3.3.6 - The Interrelationship Between Markets
What is joint supply,
When is joint supply demonstrated,
If the demand curve for beef shif...
12
cards
3.4.1 - Production
What is production,
What are the factors of production,
What is the productivity gap
18
cards
3.4.2 - Specialisation, Division of Labour and Exchange
What is specialisation,
What is the division of labour,
What did smith establish
17
cards
3.4.3 - The Law of Diminishing Returns and Returns to Scale
What is the short run in microeco...,
How can firms produce more in the...,
What are variable factors
34
cards
3.4.4 - Costs of Production
What does production entale,
What is the short run,
What is the long run
33
cards
3.4.5 - Economies and Diseconomies of Scale
What are economies of scale,
What are diseconomies of scale,
How can a firm benefit from econo...
83
cards
3.4.6 - Marginal, Average and Total Revenue
What is total revenue,
What is average revenue,
What is marginal revenue
48
cards
3.4.7 - Profit
What is profit,
How should people think about a l...,
What is the single assumption mad...
29
cards
3.4.8 - Technological Change
What is technological change,
What does technology focus on,
What are the two distinct meaning...
49
cards
3.5.1 - Market Structures
What is market structure,
What are the important features o...,
What are the features of a perfec...
29
cards
3.5.2 - The Objectives of Firms
What does traditional theory assu...,
What is the equation for total pr...,
What does profit maximisation loo...
38
cards
3.5.3 - Perfect Competition
Why can perfect competition model...,
What did adam smith believe about...,
Why do consumers benefit from ind...
33
cards
3.5.4 - Monopoly and Monopoly Power
What is a monopoly,
Can monopolies make long run supe...,
Why can monopolies make supernorm...
30
cards
3.5.5 - The Advantages and Disadvantages of Monopoly
What are the two main advantages ...,
Why are economies of scale an adv...,
Why
15
cards
3.5.6 - Monopolistic Competition
Why is monopolistic competition p...,
How does monopolistic competition...,
How does monopolistic competition...
35
cards
3.5.7 - Oligopoly
What is an oligopoly,
Where does the word oligopoly com...,
Where does the problem arise with...
49
cards
3.5.8 - Price Discrimination
What is price discrimination,
How are prices set in the main fo...,
How are prices set in second degr...
16
cards
3.5.9 - The Dynamics of Competition and Competitive Market Processes
Traditionally how have economists...,
Why does the economy benefit from...,
How do firms compete in imperfect...
13
cards
3.5.10 - Contestable and Non-Contestable Markets
What is a contestable market,
What are the features of a perfec...,
What is an effective way to reduc...
24
cards
3.5.11 - Market Structure, Static Efficiency, Dynamic Efficiency and Resource Allocation
What is static efficiency,
What types of efficiency can be c...,
What types of firms benefit from ...
8
cards
3.5.12 - Consumer and Producer Surplus
What is consumer surplus,
What is producer surplus,
Where is the producer surplus in ...
35
cards
3.6.1 - The Demand for Labour
What is a factor market,
What type of market is the labour...,
What are the factor markets
37
cards
3.6.2 - Influences on the Supply of Labour to Different Labour Markets
What does the market supply curve...,
Draw a market supply of labour curve,
What are the two factors that det...
25
cards
3.6.3 - Perfectly Competitive Labour Markets
What conditions must a perfectly ...,
Can a perfectly competitive labou...,
What is the closest approximation...
14
cards
3.6.4 - Imperfectly Competitive Labour Markets
What is a monopsony,
What is monopsony power,
What are some examples of monopso...
20
cards
3.6.5 - The Influence of Trade Unions in Determining Wages and Levels of Employment
What is a trade union,
What is collective bargaining,
What is the main function of a tr...
24
cards
3.6.6 - The National Minimum Wage
What is a national minimum wage,
What is the main problem with the...,
What type of markets does the imp...
8
cards
3.6.7 - Discrimination in the Labour Market
What is wage discrimination,
What types of markets can employe...,
Why can employers wage discrimina...
18
cards
3.7.1 - The Distribution of Income and Wealth
What does unregulated market cond...,
What is the distribution of income,
What is the distribution of wealth
53
cards
3.7.2 - The Problem of Poverty
What is poverty,
What is poverty caused by,
A low real national income relati...
20
cards
3.7.3 - Government Policies to Alleviate Poverty and to Influence the Distribution of Income and Wealth
How can poverty increase in a cou...,
How can poverty be undermined,
What do pro free market economist...
32
cards
3.8.1 - How Markets and Prices Allocate Resources
What are the precise functions th...,
What is the signalling function o...,
Give an example of the signalling...
22
cards
3.8.2 - The Meaning of Market Failure
What is market failure,
What is complete market failure,
What is a partial market failure
9
cards
3.8.3 - Private Goods, Public Goods and Quasi-Public Goods
What are private goods,
What is excludability,
What is a rival good
27
cards
3.8.4 - Positive and Negative Externalities in Production and Consumption
What are externalities,
When do externalities exist,
What type of good is an externality
58
cards
3.8.5 - Merit and Demerit Goods
What is a merit good,
Why do merit goods differ from pu...,
What is information failure
24
cards
3.8.6 - Market Imperfections
What is the effect of imperfect a...,
Why might the existance of monopo...,
What is the immobility of labour
5
cards
3.8.7 - Competition Policy
What are the two important factor...,
What is competition policy,
What is the main aim of competiti...
29
cards
3.8.8 - Public Ownership, Privitisation, Regulation and Deregulation of Markets
What is public ownership,
When did the main period of natio...,
How did the labour governments of...
37
cards
3.8.9 - Government Intervention in Markets
How can economists and politician...,
What are the arguments against go...,
What are the arguments for govern...
26
cards
3.8.10 - Government Failure
What is government failure,
Why can government intervention l...,
Why do some people think state pr...
9
cards
Microeconomics Equations
What is the equation for producti...,
What is the equation for ped,
What is the equation for income e...
6
cards
Microeconomics Key Terms Bank
0
cards
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