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Hamza Anjum
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Decks in this class (62)
Formulas and Key Terms
Revenue 1,
Marginal revenue 2,
Profit 3
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 1,
Define average revenue 2,
What is marginal revenue and why ...
7
cards
B2.01.03: Production
Define profit 1,
What s the law of diminishing mar...,
Define costs and its types 3
8
cards
B2.01.04: Average, Total and Marginal Costs
Define average costs 1,
Define marginal costs 1,
Formula for average cost ac 2
10
cards
B2.01.05: Economic costs and Types of Cost
Define implied imputed costs 1,
Define explicit costs 2,
Define economic costs 3
13
cards
B2.01.06: Profits and Losses
Define normal profit 1,
Define subnormal profit 2,
Define abnormal profit 3
18
cards
B2.01.07: Rational Producer Behaviour
What 3 arguments does traditional...,
What is behaviour economics 2,
2 arguments for behaviour economi...
3
cards
B2.01.08: Perfect Competition in the Short run
Draw supernormal profit being mad...,
Define perfect competition 2,
What do the regions abcp show 3
10
cards
B2.01.09: Perfect Competition in the Long Run
Draw supernormal profit being mad...,
Draw subnormal profit being made ...,
Define long run 3
4
cards
B2.01.11: Intro to Monopoly
Define monopoly 1,
4 features of monopolies 1,
Draw monopoly diagram in the shor...
12
cards
B2.01.13: Natural Monopoly
Define natural monopoly 1,
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 1,
Define market share 2,
8 assumptions of oligopolies 3
10
cards
B2.01.15: Collusion (Game Theory)
Define collusion firms that behav...,
Define overt collusion 2,
Define tacit collusion 3
25
cards
B2.01.18: Intro to Monopolistic Competition
Define monopolistic competition 1,
What are the assumptions of monop...,
How to draw monopolistic competit...
6
cards
Types of Product Differentiation in Monop. Comp.
State 2 physical differentiation ...,
State 2 marketing differentiation...,
State 3 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 wha...
4
cards
B2.02.01: The Free Market and Equity
Define equity 1,
Define wages 2,
Define wealth 3
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 what cognitive biases are...,
Define axiomatic 2,
Define the rule of thumb bias 3
9
cards
B2.02.05: Nudge Theory
Define the nudge theory 1,
Provide an example of the nudge t...
2
cards
B2.02.06: Choice Architecture
Blank 1
1
cards
A2.01.01: The Law of Demand
Define markets 1,
Examples of 3 markets 2,
Define demand 3
7
cards
A2.01.02: The Assumptions Underlying the Demand Curve
What is the directionality of the...,
What are the main assumptions of ...,
What do behavioural economists say 3
13
cards
A2.01.03: The Non-Price Determinants of Demand
Income and how it affects the 2 d...,
Trends 2,
Future price expectations 3
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 of supply 1,
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 1,
2 other names for equlibrium 2,
Define equilibrium 3
14
cards
A2.01.12: Consumer, Producer and Society Surplus
Define consumer surplus 1,
Define producer surplus 2,
Define social society surplus 3
4
cards
A2.01.14: Allocative Efficiency
Define allocative efficiency 1,
What are the features of allocati...,
How can we show a change in produ...
6
cards
A2.02.02: PED
Define elasticity 1,
Define ped 2,
Ped 0 3
8
cards
A2.02.03: Determinants of PED
General determinants of ped splat 1,
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 governme...
2
cards
A2.02.06: YED
Define yed 1,
Formula for yed and its rules reg...,
What are the values of yed corres...
6
cards
A2.02.07: Illustrating YED
What is the engel curve 1,
How would the engel curve look li...,
How would the engel curve look li...
5
cards
A2.02.08: PES
Define pes 1,
Formula for pes 2,
Pes 0 3
7
cards
A2.02.09: Determinants of PES
General determinants of pes pssst 1,
Explain production lag being a de...,
Explain stocks being a determinan...
6
cards
A2.03.02: Merit and Demerit Goods
Define merit goods 1,
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 3
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 1,
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 1,
Define non rivalrous 2,
Define public goods 3
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 1,
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
2
cards
A2.04.02: Indirect Taxes
Define indirect taxes 1,
Provide 2 examples of indirect tax 2,
Define direct taxes 3
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 1,
What stages are there to the carb...,
Explain pe and qe before carbon t...
7
cards
A2.04.04: Subsidies
Define subsidies 1,
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 1,
Illustrate the diagram for price ...,
State 2 reasons why price floors ...
9
cards
A2.04.07: Price Ceilings
Define price ceilings 1,
Illustrate the diagram for price ...,
State 1 reason why price ceilings...
9
cards
A2.04.08: Legislation, Regulation and Education
Define direct government provision 1,
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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