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Chelsea Breton
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Decks in this class (18)
Chapter 1: The economic problem and opportunity cost
What is the basic economic proble...,
Define scarcity 2,
What s the difference between wan...
54
cards
Chapter 2: The allocation of resources, specialisation and trade
Why are choices complicated 1,
Define resource allocation 2,
What can the way in which resourc...
42
cards
Chapter 3: Demand
Define demand 1,
Name 4 influences on demand 2,
What can market demand be seen as 3
27
cards
Chapter 4: Supply
Define sole trader 1,
Define partnership 2,
What s one of the main difference...
18
cards
Chapter 5: The interaction of markets
Define market equilibrium 1,
Define excess supply 2,
Draw a diagram illustrating both ...
15
cards
Chapter 6: Elasticity
Define elasticity 1,
Define price elasticity of demand...,
What s the formula for ped 3
62
cards
Chapter 7: Prices, resource allocation and concept of the margin
Define the marginal principle 1,
Define rational decision making 2,
What s an important element in ma...
28
cards
Chapter 8: Market failure and externalities
Define market failure 1,
Define marginal social benefit msb 2,
Define marginal social cost msc 3
40
cards
Chapter 9: Market failure: information failure and public goods
Define asymmetric information 1,
Give 5 examples of asymmetric inf...,
Draw a diagram illustrating infor...
18
cards
Chapter 10: Government intervention and government failure
When do markets fail 1,
When may market failure occur 2,
What is market failure often view...
53
cards
Chapter 11: Costs, economies of scale, revenue and profit
Define firm 1,
Describe firms 2,
Define short run 3
39
cards
Chapter 12: Objectives of business
Define principal agent problem 1,
Define x inefficiency 2,
Define bounded rationality 3
21
cards
Chapter 13: Market structure: perfect competition
Define market structure 1,
Define barriers to entry 2,
Define perfect competition 3
17
cards
Chapter 14: Market structure: monopoly
Define monopoly 1,
Define price maker 2,
Define dynamic efficiency 3
33
cards
Chapter 15: Market structures: monopolistic competition, oligopoly and contestable markets
Define monopolistic competition 1,
Define product differentiation 2,
Define oligopoly 3
10
cards
Chapter 16: The demand for labour
Define derived demand 1,
Define marginal revenue product f...,
Define marginal revenue product t...
5
cards
Chapter 17: the supply of labour
Define non pecuniary benefits 1,
Define transfer earning 2,
Define economic rent 3
3
cards
Chapter 18: the interaction of labour markets
Define monopsony 1,
Define trade union 2,
Define bilateral monopoly 3
3
cards
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Microeconomics
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