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Nana K
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Decks in this class (57)
Law of Diminishing Returns
When does the lodr is a phenomeno...,
What is the short run,
In the short run normally how man...
23
cards
Fixed and Variable Costs (AFC, TFC, AVC)
We dont define short run in terms of,
We define sr in terms of,
What is teh long run
25
cards
Marginal Costs & Average Costs
If totoal costs are 10 when nothi...,
Average cost ac equation,
Marginal meaning
13
cards
Total Cost Curves in the SR (TFC, TVC, TC)
Describe tfc graph,
Tfc and tvc influenced heavily by,
Draw tvc curve
15
cards
Long Run Costs
Long run meaning,
As its logn run means bs can,
What is scale
27
cards
Economies and Diseconomies of Scale
Reduction in lrac as output incre...,
What are the gorups of eos,
What is internal economies of scale
35
cards
Revenue
Tr calculation,
Ar calculation,
Why does ar p
24
cards
Profit
Symbol for profit in econ,
Profit,
Total costs are made up of
15
cards
OBJECTIVES OF FIRMS: Profit maximisation
Where is perofit maximisation,
In traditional economci theory,
State the reasons why profit maxi...
15
cards
OBJECTIVES OF FIRMS: Profit /Satisficing
0
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OBJECTIVES OF FIRMS: Revenue Maximsation
0
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OBJECTIVES OF FIRMS: SALES/GROWTH MAX
0
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OBJECTIVES OF FIRMS: Survival
0
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OBJECTIVES OF FIRMS: Public Sector Org
0
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OBJECTIVES OF FIRMS: Corporate Social Responsibility
0
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Barriers To Entry
What is a barreir to entry,
Barriers to entry are also known as
2
cards
Barriers to Exit
0
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MRP - DEMAND FOR LABOUR
Labour mkt mindset,
Demand for labour supply what do ...,
What is demand for labour for an ...
35
cards
LABOUR MARKET - LABOUR DEMAND CURVE - FIRM AND INDUSTRY
Why is the demand curve for an in...,
In an individual firm what is the...,
What do both the industry demand ...
22
cards
LABOUR MKT - CRITISISM OF MRP
How will a worker knwo if theyve ...,
How are workers paid,
State 4 problems of mrp
16
cards
LABOUR MKT - Labour Demand Curve Shifts
Other than wage factors affecting...,
Acronmy for shifters of demand curve,
What does p stand for
21
cards
LABOUR MKT - elasticity of labour demand
What does elasticity of labour de...,
What does a wage elastic demand c...,
Draw a elastic labour demand curve
24
cards
LABOUR MARKET - INDIVIDUAL LABOUR SUPPLY CURVE - BACKWARDBENDING
What key choice do indis have we ...,
In the key hcoice indi have one c...,
Exaplin why in key choice indi ha...
30
cards
LABOUR MKT
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LABOUR MKT
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LABOUR MKT
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LABOUR MKT
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LABOUR MKT
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LABOUR MKT
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LABOUR MKT
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LABOUR MKT
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DISTRIBUTION OF INCOME/WEALTH AND POVERTY - Reasons for Income & Wealth Inequality
Define income,
Define wealth,
What statemtn can anyone make abo...
35
cards
DISTRIBUTION OF INCOME/WEALTH AND POVERTY - TYPES AND CAUSES of poverty
What is one of the bigggest criti...,
What are the two ways of defining...,
What is absolute poverty 3 points
24
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DISTRIBUTION OF INCOME/WEALTH AND POVERTY -
0
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DISTRIBUTION OF INCOME/WEALTH AND POVERTY -
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DISTRIBUTION OF INCOME/WEALTH AND POVERTY -
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DISTRIBUTION OF INCOME/WEALTH AND POVERTY -
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DISTRIBUTION OF INCOME/WEALTH AND POVERTY -
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DISTRIBUTION OF INCOME/WEALTH AND POVERTY -
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DISTRIBUTION OF INCOME/WEALTH AND POVERTY -
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benefits of specilisation and division of labour
0
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monopolistic competition
What is monopolisitc competiton,
What are the 7 characterisitc of ...,
Because goods are slightly differ...
35
cards
price discrimination
What is price discrim,
What are conditions necessary for...,
Why do firms wanna create acounts...
30
cards
Privatisation
What is privatisation,
Whats the idea behind privatisati...,
Whats a sig ve of privatisation w...
22
cards
Deregulation
What is deregulation,
What does deregulatin incetivise,
What graph do we use to show dere...
18
cards
regulatory capture
It is a form of,
Define reglatory capture,
When does regulatory capture ofte...
9
cards
regulation
0
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perfect competition
0
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monopoly
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oligopoly
State the 6 charcteristics,
Few frims dominate teh maket so d...,
Oligopoly is no more than x firms...
16
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nationalisation
What is antionalisation,
What happens in nationalisation,
What ar eour reasons 4
21
cards
TECHNOLOGICAL CHANGE
What is technology,
What is technological cahnge,
What does technological change in...
36
cards
nautral monopoly
Give exmaply of a ntural monpoly,
What are the charactersitics of a
2
cards
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Micro Economics
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