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Will Davies
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Decks in this class (19)
Micro part 1
What is economic good 1,
What is free good 2,
What is positive statement 3
29
cards
Micro Part 2- Margin, Opportunity of cost, specialisation and trade, resource allocation
What is the concept of margin 1,
Explain how consumer rationality ...,
How is the concept of margin used 3
29
cards
Micro part 3- Supply and demand, price volatility
Define market 1,
Define sub market 2,
What are the 7 types of demand 3
32
cards
Micro part 4- Elasticity and PED
What is elasticity 1,
What is ped 2,
What factors effect ped 3
34
cards
Micro part 5- Efficiency and Business Objectives
What is economic efficiency 1,
What is static efficiency 2,
What does dynamic refer to 3
31
cards
Micro part 6- Revenue/sales maximisation, Profits and Costs
When does revenue maximisation oc...,
When does sales maximisation occur 2,
What can sales maximisation resul...
32
cards
Micro part 7- Economies and Scale, Profit
What are economies of scale 1,
What are internal eos 2,
What are external eos 3
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 1,
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 1,
How does price leadership happen 2,
What is barometric pricing 3
24
cards
Micro part 11- Growth of firms, market failure
How do firms grow 1,
What does internal growth mean 2,
What are disadvantages of interna...
28
cards
Micro part 12- Information asymmetries, public goods, inequity
What is imperfect info 1,
What is asymmetric info 2,
What is moral hazard 3
31
cards
Micro part 13- Environment
What is the function of environme...,
Describe market failure in respec...,
What does kuznets curve show 3
21
cards
Micro part 14- Government Intervention
When do govs intervene 1,
What is indirect taxation 2,
What are advantages of indirect t...
34
cards
Micro part 15- Gov. intervention (2), Gov. failure
What is info provision 1,
What does gov regulation do 2,
How can gov regulation lead to a ...
17
cards
Micro part 16- Labour markets
What is derived demand 1,
What is nominal wage 2,
What is real wage 3
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 1,
What is labour market flexibility 2,
What is geographical flexibility 3
10
cards
Micro part 19- Impact on labour market
What is migration 1,
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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