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Micro Economics

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

By: Ashish Mishra
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Decks in this class (16)

1.1 Nature of Economics
Positive statements 1,
Normative statements 2,
Opportunity cost 3
35  cards
1.2 How Markets Work
Marginal utility 1,
Demand 2,
Derived demand 3
26  cards
1.3 Market Failure
Externalities 1,
Complete market failure 2,
Merit good 3
17  cards
1.4 Government Intervention/Failure
Government intervention 1,
What are indirect taxes used for 2,
Maximum prices 3
13  cards
3.1 Business Growth
Organic growth 1,
Inorganic growth 2,
Vertical integration 3
24  cards
3.2 - Business Objectives
Profit maximisation 1,
Why is profit maximisation not al...,
Sales maximisation 3
12  cards
Revenue, Costs and Profit
Economies of scale 1,
External economies of scale 2,
What are the types of internal eos 3
29  cards
Perfect Competition
Characteristics of perfect compet...,
Are firms allocatively efficient 2,
Are firms productively efficient 3
5  cards
Efficiencies
Economic efficiency 1,
What are the different types of e...,
Allocatively efficiency 3
6  cards
Monopolistic Competition
Characteristics of monopolistic 1,
Are firms allocatively efficient 2,
Are firms productively efficient 3
5  cards
Oligopoly
What is meant by an oligopoly 1,
What are the characteristics of o...,
Why are there high barriers to en...
20  cards
Monopoly
Monopoly 1,
What are the characteristics of a...,
Are monopolies efficient 3
19  cards
Monopsony
What is a monopsony 1,
What are the characteristics of a...,
What are the conditions necessary...
7  cards
Contestability
What are the characteristics of c...,
Sunk costs 2,
What are the implications of cont...
7  cards
Labour Market
What is meant by the demand for l...,
What are the factors that influen...,
Blank 3
3  cards
Government Intervention
How does the government intervene...,
What are the different government...,
Price regulation 3
22  cards

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Micro Economics

  • Class purpose General learning

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