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Hamza Anjum
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Decks in this class (62)
Formulas and Key Terms
Revenue,
Marginal revenue,
Profit
16
cards
B2.01.01: Perfect and Imperfect Competition
Describe the key characteristics ...,
What defines a monopoly and what ...,
Explain the nature of an oligopol...
5
cards
B2.01.02: Revenue
Define revenue,
Define average revenue,
What is marginal revenue and why ...
7
cards
B2.01.03: Production
Define profit,
Define diminishing marginal returns,
Define costs and its types
8
cards
B2.01.04: Average, Total and Marginal Costs
D,
Define marginal costs,
Formula for average cost ac
10
cards
B2.01.05: Economic costs and Types of Cost
Pk,
Define explicit costs,
Define economic costs
13
cards
B2.01.06: Profits and Losses
Pk,
Define subnormal profit,
Define abnormal profit
18
cards
B2.01.07: Rational Producer Behaviour
What 3 arguments does traditional...,
What is behaviour economics,
2 arguments for behaviour economics
3
cards
B2.01.08: Perfect Competition in the Short run
How would the firm diagram be dra...,
Define perfect competition,
What do the regions abcp show
10
cards
B2.01.09: Perfect Competition in the Long Run
What does the firm diagram look l...,
What does the industry diagram lo...,
Define long run
4
cards
B2.01.11: Intro to Monopoly
Define,
4 features of monopolies,
Draw monopoly diagram in the shor...
12
cards
B2.01.13: Natural Monopoly
Define natural monopoly,
Draw a natural monopoly diagram i...,
Draw a natural monopoly diagram i...
10
cards
B2.01.12: Allocative Efficiency under conditions of Monopoly
What is allocative efficiency und...,
What do high barriers to entry ex...
2
cards
B2.01.14: Intro to Oligopoly
Define oligopoly,
Define market share,
8 assumptions of oligopolies
10
cards
B2.01.15: Collusion (Game Theory)
Define collusions,
Define overt collusion,
Define tacit collusion
25
cards
B2.01.18: Intro to Monopolistic Competition
Define monopolistic competition,
What are the assumptions of monop...,
How to draw monopolistic competit...
6
cards
Types of Product Differentiation in Monop. Comp.
State 2 physical differentiations...,
State 2 marketing differentiation...,
State 2 distribution differentiat...
3
cards
B2.01.19: Issues with Market Power
State the 4 forms of government i...,
State what legislations do and gi...,
State what regulations do and sta...
4
cards
B2.02.01: The Free Market and Equity
Define equity,
Define wages,
Define wealth
12
cards
B2.02.02: Illustrating Inequity with the CFI model
0
cards
B2.02.03: Assumption of Consumer Rationality
0
cards
The Rational Producer
What is the assumption of rationa...,
What are the 3 alternative busine...,
Explain corporate social responsi...
5
cards
B2.02.04: Cognitive Biases
Explain the limitations of the as...,
Define axiomatic,
Define the rule of thumb bias
9
cards
B2.02.05: Nudge Theory
Define the nudge theory,
Provide an example of the nudge t...
2
cards
B2.02.06: Choice Architecture
1
cards
A2.01.01: The Law of Demand
Define markets,
Examples of 3 markets,
Define demand
7
cards
A2.01.02: The Assumptions Underlying the Demand Curve
What is the directionality of the...,
What is the main assumption,
What do
13
cards
A2.01.03: The Non-Price Determinants of Demand
Income,
Tastes,
Future price expectations
10
cards
A2.01.04: Changes in Demand
What is it called when demand mov...,
What is it called when demand mov...,
What does a rightwards shift in t...
4
cards
A2.01.05: The Law of Supply
What is the law,
What 3 things prove that the law ...,
How does profit motive prove the ...
5
cards
A2.01.07: The Non-Price Determinants of Supply
Explain how competitive supply wo...,
Explain how joint supply works an...,
How do the cost of fop affect the...
10
cards
A2.01.10: Market Equlibrium + Price Mechanism
Define the free market,
2 other names for equlibrium,
Define equilibrium
14
cards
A2.01.12: Consumer, Producer and Society Surplus
Define consumer surplus,
Define producer surplus,
Define social society surplus
4
cards
A2.01.14: Allocative Efficiency
Define allocative efficiency,
What are the features of allocati...,
How can we show a change in produ...
6
cards
A2.02.02: PED
Define elasticity,
Define ped,
Ped 0
8
cards
A2.02.03: Determinants of PED
General determinants of ped,
Explain substitutes being a deter...,
Explain proportion of income spen...
6
cards
A2.02.04: PED and TR
What is the relationship between ...,
What is the relationship between ...,
Why is determining ped important ...
3
cards
A2.02.05: Importance of PED
How is ped important for business...,
How is ped important for governments
2
cards
A2.02.06: YED
Define yed,
Formula for yed,
What are the
6
cards
A2.02.07: Illustrating YED
What is the engel curve,
How would the engel curve look li...,
How would the engel curve look li...
5
cards
A2.02.08: PES
Define pes,
Formula for pes,
Pes 0
7
cards
A2.02.09: Determinants of PES
General determinants of pes pssst,
Explain production lag being a de...,
Explain stocks being a determinan...
6
cards
A2.03.02: Merit and Demerit Goods
Define merit goods,
Examples of merit goods and what ...,
Why do merit goods have imperfect...
10
cards
A2.03.03: Positive Externalities
3 examples of positive externalit...,
Define what positive externalitie...,
Formula for social benefits
18
cards
A2.03.04: Negative Externalities
Define negative externalities in ...,
Give 3 examples of negative exter...,
How does the negative externaliti...
12
cards
A2.03.05: Common Pool Resources
Define common pool resources,
State 3 examples of common pool r...,
State 2 reasons that explain why ...
10
cards
A2.03.06: The Nature of Public Goods
Define non excludable,
Define non rivalrous,
Define public goods
11
cards
A2.03.07: Government Provision of Public Goods
What is direct government provisi...,
What are the features of the publ...,
What do the public goods chosen b...
6
cards
A2.03.08: Forms of Asymmetric Information
Define asymmetric information,
Name 2 markets that asymmetric in...,
How is there asymmetric informati...
9
cards
A2.03.09: Government Responses to Imperfect Info
0
cards
A2.04.01: The reasons for gov. intervent. in markets
List 7 reasons why governments in...,
List 7 microeconomic policy tools
2
cards
A2.04.02: Indirect Taxes
Define indirect taxes,
Provide an example of indirect tax,
Define direct taxes
11
cards
Indirect taxes and elasticity
How will the diagram for price in...,
How will the diagram for price el...,
How will the diagram for price el...
8
cards
Indirect taxes and deadweight loss
After indirect taxes what happens...,
After indirect taxes what happens...,
After indirect taxes what happens...
5
cards
A2.04.03: Carbon Taxes
Define carbon taxes,
What stages are there to the carb...,
Explain pe and qe before carbon t...
7
cards
A2.04.04: Subsidies
Define subsidies,
List 6 ways in which subsidies ca...,
Explain how subsidies can increas...
12
cards
A2.04.05: Tradable Permits
0
cards
A2.04.06: Price Floors
Define price floors,
Illustrate the diagram for price ...,
State 2 reasons why price floors ...
9
cards
A2.04.07: Price Ceilings
Define price ceilings,
Illustrate the diagram for price ...,
State 1 reason why price ceilings...
9
cards
A2.04.08: Legislation, Regulation and Education
Define direct government provision,
Explain state provision solving m...,
Explain state provision solving m...
8
cards
A2.04.09: Other forms of gov. interven.
0
cards
A2.04.10: Evaluation of gov. interven.
0
cards
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