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
The margin,
Marginal cost equation,
Marginal utility
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,
Sales revenue
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,
Characteristic of an oligopoly,
Collusion
13
cards
4.5 - contestable markets
Characteristics of contestable ma...,
Are firms allocatively efficient,
Are firms productively efficient
6
cards
5.1 - demand for labour
Factors affecting demand for labour,
Factors affecting wage elasticity,
Mrp
12
cards
5.2 - supply of labour
Factors affecting supply of labour,
Substitution effect,
Income effect
9
cards
5.3 - interaction of labour markets
Wage differentials,
Trade unions,
Trade union objectives
24
cards
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microeconomics
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