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By:
Max Charlwood
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Decks in this class (41)
Economics as a Social Science
What does ceteris paribus mean,
What is an economic model,
What is economics
3
cards
Positive and Normative Statements
What is a positive statement,
What are three examples of a posi...,
What is a normative statement
6
cards
The Economic Problem
Who are economic agents,
What are finite resources,
What are economic goods
9
cards
Production Possibility Frontiers
What do ppfs show,
What does the ppf curve compare,
If a point lies on the ppf curve ...
14
cards
Specialisation and the Division of labour
Who brought about the concepts of...,
What is specialisation,
What is the division of labour
8
cards
The Functions of Money
What are the 5 functions of money,
What is the most liquid asset,
What is liquidity
5
cards
Types of Economies
What are the 3 types of economies,
What is a free market economy,
What are the features of a free m...
18
cards
Rational Decision Making
What is meant by rational decisio...,
What factors fall under economic ...,
What will consumers look to maxim...
6
cards
Demand
What is demand,
What causes an extension in demand,
What causes a contraction in demand
12
cards
Elasticities of Demand
What is elasticity,
What is elasticity of demand,
What does ped stand for
42
cards
Supply
What is supply,
What does the supply curve show,
What causes an extension of suppl...
11
cards
Elasticities of Supply
What is price elasticity of supply,
What is pes,
What is the formula for pes
21
cards
Price Determination
What is the market price,
What is the equilibrium or market...,
Where is the equilibrium price on...
5
cards
The Price Mechanism
What is the price mechanism,
What are the three functions of t...,
How does the rationing function work
11
cards
Consumer and Producer Surpluses
What is a surplus,
What is a consumer surplus,
Where is the consumer surplus on ...
5
cards
Indirect Taxes and Subsidies
What are the two types of indirec...,
What are the two types indirect tax,
What is an ad valorem tax
40
cards
Consumer Behaviour
How can the behaviour of other pe...,
How can habits influence consumer...,
How can consumer weakness at comp...
3
cards
Market Failure
What is the cause of market failure,
What are the three reasons for ma...
2
cards
Externalities
What creates externalities,
What are the two types of externa...,
What are the two types of negativ...
33
cards
Public Goods
What are the two characteristics ...,
What are the two characteristics ...,
What are 6 examples of private goods
6
cards
Information Gaps
What is symmetric information,
What is asymmetric information,
What is an information gap
7
cards
Government Intervention
What are the three ways governmen...,
Why do governments intervene in m...,
What are the 2 benefits of imposi...
20
cards
Government Failure
What is government failure,
What are the 6 interests on gover...,
What are the 6 influences on gove...
11
cards
Growth and types of Firms
What are the 5 main reasons for f...,
What is the divorce of ownership ...,
What is the principle agent problem
31
cards
Demergers
What is a demerger,
What are 9 reasons why a firm may...,
What are 4 benefits to businesses...
7
cards
Revenue
What is revenue,
What are the 3 types of revenue i...,
What is total revenue
15
cards
Costs
What two types of costs do firms ...,
What are costs of production,
What are fixed costs
24
cards
Economies and Diseconomies of Scale
What are economies of scale,
What are the two types of economi...,
What are internal economies of scale
17
cards
Profit and Loss
What is profit,
What is the formula for profit,
What is normal profit
11
cards
Business Objectives
What are the 4 possible business ...,
What are stakeholders,
What are the 6 groups who make up...
14
cards
Efficiency
What is productive efficiency,
What is efficiency in microeconomics,
What is technical efficiency
9
cards
Perfect Competition
Rank the 4 types of competition i...,
What is perfect competition,
What are the 5 characteristics of...
7
cards
Monopolistic Competition
What is monopolistic competition,
What is the point of normal profit,
What is the point of supernormal ...
5
cards
Oligopoly
What are the 4 characteristics of...,
What is the concentration ratio,
What is the formula for the conce...
21
cards
Monopolies
What does the uk define as a mono...,
What is a monopoly,
What are the 3 characteristics of...
9
cards
Monopsony
What is a monopsony,
What are the 3 characteristics of...,
How does price and quantity suppl...
11
cards
Contestability
What is contestability in microec...,
What are the characteristics of a...,
What are the 5 assumptions behind...
9
cards
Demand for Labour
What is marginal physical product...,
What is marginal revenue product mrp,
What is productivity
8
cards
Supply of Labour
What is the supply of labour,
What are the 7 factors influencin...,
How can influence the supply of l...
24
cards
Wage Determination
What type of workers can command ...,
What type of workers can command ...,
In perfectly competitive labour m...
14
cards
Government Intervention (2)
What is the,
How does price regulation control...,
How does profitregulation control...
20
cards
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