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Decks in this class (27)
Nature of Economics Vocabulary
Land 1,
Labour 2,
Capital 3
19
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
Basic Economic Problem + Factors of Production
Scarecity 1,
The economic problem 2,
Economics 3
11
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
20
cards
Price Discrimination
Price discrimination 1,
Conditions for effective price di...,
Aims of price discrimination 3
9
cards
Monopolistic Competition
Characteristics 1,
Examples 2,
Sr efficiencies 3
5
cards
Oligopoly
Definition 1,
Characteristics 2,
Examples 3
18
cards
Contestability
Contestability 1,
Conditions assumptions 2,
Hit and run competition 3
3
cards
Monopsony
Monopsony power 1,
Characteristics 2,
Examples 3
15
cards
Demand and supply of labour
Demand for labour 1,
Derived demand 2,
Mrpl 3
8
cards
Minimum wages, monopsony employers and trade unions
National minimum wage 1,
Current minimum wage rates 2,
Nmw effect on dynamic efficiency 3
11
cards
Labour market essay plans
Micro effects of an increase in t...,
Micro effects of an increase in n...,
Micro effects of an implementatio...
5
cards
Types of market failure and externalities
Market failure 1,
Complete market failure 2,
Partial market failure 3
14
cards
Government intervention in markets
How a cap and trade system works 1,
Advantages of a cap and trade sch...,
Disadvantages of a cap and trade ...
20
cards
Public goods
Public goods 1,
Non excludable 2,
Non rival 3
9
cards
Information gaps
Symmetric information 1,
Asymmetric information 2,
Asymmetric information leads to 3
5
cards
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Micro Economics A Level
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A Level Economics
- 50 decks
- 1987 flashcards
- 1319 learners
Decks:
Section 1 The Economic Problem, Section 2 Competitive Markets, Section 3 Business Economics, And more!
