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Micro Economics A Level

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

By: Tom Ritchie
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Decks in this class (15)

Nature of Economics Vocabulary
Land 1,
Labour 2,
Capital 3
19  cards
Basic Economic Problem + Factors of Production
Scarecity 1,
The economic problem 2,
Economics 3
11  cards
Economic Systems
Consumers 1,
Firms 2,
Governments 3
20  cards
PPFs
Ppf 1,
The law of diminishing marginal r...,
Straight line ppf 3
5  cards
Supply and Demand
Demand 1,
Relationship between supply and d...,
Latent demand 3
19  cards
Price Mechanism
Market 1,
Price mechanism 2,
Functions of price mechanisms 3
6  cards
Price Elasticity of Demand (PED)
Ped definition 1,
Ped equation 2,
What is the value of ped always g...
11  cards
Income Elasticity of Demand (YED)
Yed definition 1,
Yed equation 2,
Normal goods 3
6  cards
Cross Elasticity of Demand (XED)
Xed definition 1,
Xed equation 2,
Positive xed 3
5  cards
Price Elasticity of Supply (PES)
Pes definition 1,
Pes equation 2,
What will the value of pes always...
9  cards
Profit, Revenue and Costs
Average cost 1,
Average revenue 2,
Marginal revenue 3
26  cards
Objectives of Firms and Efficiency
Profit maximisation 1,
Sales maximisation 2,
Revenue maximisation 3
10  cards
Market Structure and Perfect Competition
5 assumptions of perfect competit...,
Why the ar curve is perfectly ela...,
What happens to a firms profit in...
15  cards
Size and Growth of Firms
Principle agent problem 1,
Why owners want their firms to gr...,
Why firms might remain small 3
22  cards
Monopolies
Monopoly 1,
Monopoly power 2,
Assumptions of a monopoly 3
11  cards

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Micro Economics A Level

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A Level Economics
  • 50 decks
  • 1987 flashcards
  • 1175 learners
Decks: Section 1 The Economic Problem, Section 2 Competitive Markets, Section 3 Business Economics, And more!
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