This class was created by Brainscape user Leo Fellows. Visit their profile to learn more about the creator.
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Leo Fellows
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Decks in this class (24)
1.1 - economic problem
Introduction
30
cards
1.2 - allocation of resources
Allocation of resources
15
cards
1.3 - opportunity cost
Opportunity cost
6
cards
2.1 - specialisation / trade
Specialisation and trade
11
cards
2.2 - demand
Demand
9
cards
2.3 - supply
Supply
5
cards
2.4 - surpluses
Consumer + producer surplus
6
cards
2.6 - elasticity
Elactisity
17
cards
2.7 - margin
Marginal cost 1,
Marginal cost equation 2,
Marginal utility 3
7
cards
2.8 - market failure
Market Failure and Externalities
10
cards
2.9 - info failure
Information Failure
5
cards
2.10 - public goods
Public Goods
13
cards
2.11 - gov intervention
Government intervention
29
cards
3.1 - business objectives
What are businesses maximising ob...,
Profit maximising 2,
Sales revenue 3
19
cards
3.2 costs/economies of scale
Costs and economies of scale
22
cards
3.3 - revenue + profit
Revenue and profit
13
cards
4.1 - perfect competition
Perfect competition
5
cards
4.2 - monopoly
Monopoly
8
cards
4.3- monopolistic competition
Monopolistic competition
6
cards
4.4 - oligopolies
Oligopoly 1,
Characteristic of an oligopoly 2,
Collusion 3
13
cards
4.5 - contestable markets
Characteristics of contestable ma...,
Are firms allocatively efficient 2,
Are firms productively efficient 3
6
cards
5.1 - demand for labour
Factors affecting demand for labo...,
Factors affecting wage elasticity 2,
Mrp 3
12
cards
5.2 - supply of labour
Factors affecting supply of labour 1,
Substitution effect 2,
Income effect 3
9
cards
5.3 - interaction of labour markets
Wage differentials 1,
Trade unions 2,
Trade union objectives 3
24
cards
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Microeconomics
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