This class was created by Brainscape user Dimitrios Leftakis. Visit their profile to learn more about the creator.

Decks in this class (77)

economic problem
Factors of production and meaning,
What is the basic economic problem,
Definition of opportunity cost an...
3  cards
production possibility curves
What do production possibility cu...,
Different types of ppf s,
Different points on ppf
5  cards
demand and the demand curve
What is demand,
The law of demand and why,
Movements along the demand curve
5  cards
supply and the supply curve
What is supply,
Movements along the supply curve,
The law of supply
4  cards
market equilibrium and disequilibrium
Free market,
Market equilibrium vs disequilibrium,
What do prices do
4  cards
consumer and producer surplus
What is consumer surplus,
What is producer surplus,
How to find a consumer surplus on...
5  cards
interrelated markets
Different types of interrelated m...,
Joint demand complement explain e...,
Competitive demand substitutes ex...
6  cards
Price elasticity of demand
What is ped what does it measure,
Equation for ped,
Different types of elasticity
4  cards
price elasticity of supply
What is price elastic of supply,
Equation for price elasticity of ...,
Different types of elasticity
4  cards
cross elasticity of demand
What is cross elasticity of demand,
Equation for cross elasticity of ...,
How can you tell what type of a g...
4  cards
income elasticity of demand
What is income elasticity of demand,
Equation yed,
How to tell what type of good it ...
6  cards
elasticity business use and limitations
Ped and business use,
Pes,
Xed and business use
5  cards
indirect tax, full market impact
What do indirect taxes do,
Different types of taxes,
Different indirect taxes
4  cards
indirect tax and elasticity
Ped 1 it,
Ped 1 it,
Pes 1 it
4  cards
subsidy full market impact
What is a subsidy and what is it ...,
Effect of subsidy on a graph
2  cards
minimum price/price floor- full market impact
Minimum price and price flooring ...,
Effect of minimum pricing price f...
2  cards
maximum price/price ceiling- full market impact
What is maximum price price ceili...,
Effect of max pricing on the graph
2  cards
allocative efficiency
Different types of costs if marke...,
Allocative efficiency equations,
What is allocative efficiency
4  cards
types of market failure
What is market failure,
Types of market failure
2  cards
positive externalities in production/consumption
What is a positive externality,
Positive externality in consumption,
Positive externality in productio...
6  cards
merit and demerit goods
Merit goods definition why they o...,
Demerit goods
2  cards
public goods
Characteristics of pure public go...,
Free,
Quasi public goods
3  cards
common access resources and the tragedy of the commons
What are common access resources ...,
The tragedy of the commons and graph
2  cards
government failure
Definition of government failure ...,
Types of government failure
2  cards
indirect tax and market failure
What is an indirect tax,
General impact of indirect tax on...,
Impact of indirect tax on ne in p...
4  cards
subsidy and market failure
What is a subsidy,
General effect of subsidy on posi...,
Effect of sobusdy on positive ext...
4  cards
regulation and market failure
Regulation definition,
Regulation and how it resolves ma...,
Issues with regulation and market...
3  cards
tradable pollution permits
What are tradable pollution permi...,
Effect of tradable pollution perm...,
How tradable pollution permits work
4  cards
state provision to solve market failure
State provision and when it can o...,
How it works,
Graph of state provision
4  cards
price controls (min/max) and market failure
Min price and market failure,
Issues with minimum pricing,
Maximum pricing and resolving mar...
4  cards
information provision and market failure
What is information provision,
Effect on graph info provision me...,
How information provision works t...
4  cards
property rights for market failure
How property rights solve market ...,
Issues with property rights and m...
2  cards
economic systems
Different types of economies,
Free market,
Allocative efficiency in a free m...
5  cards
specialisation and division of labour
Specialisation,
Advantages and disadvantages of s...,
What is the division of labour
4  cards
positive normative statements and economic methodology
Natural vs social science,
Economic methodology,
Positive vs normative statements
3  cards
elasticity along the demand curve
Why does ped vary along the deman...
1  cards
law of diminishing returns
What is the law of diminishing re...,
Why does the law of diminishing r...
2  cards
fixed and variable costs
Different types of costs,
Equation for total fixed costs av...,
Average variable cost
3  cards
marginal and average cost curves
Shape and equation of marginal co...,
Average cost equation and curve
2  cards
total costs
Curve of total fixed variable and...
1  cards
long run costs and returns to scale
What is the long run,
Long run average cost curve and why
2  cards
economies of scale
Economies of scale and different ...,
Diseconomies of scale
2  cards
revenue marginal total and average
What is revenue,
Equation for average total and ma...,
What is perfect competition
4  cards
profit- supernormal, normal and subnormal
What is economic profit and what ...,
Different types of economic profits
2  cards
objectives of firms
Objective of firms why and but,
Where is profit max,
Profit satisficing and groups harmed
6  cards
barriers to entry and exit
What are barriers to entry and ex...,
Barriers to exit
2  cards
business efficiency
Economic efficiency,
Allocative productive x and dynam...
2  cards
efficnecy analysis
Allocative definition condition c...,
Productive efficiency definition ...,
Dynamic efficnecy definition cond...
4  cards
perfect competition
Conditions of perfect comp,
Graph of perfect competition,
Supernormal profit to the long ru...
4  cards
perfect competition shutdown condition
Shutdown competition,
Shutdown and breakeven condition,
Loss shutdown and no shutdown graph
3  cards
monopoly
Characteristics and what it is,
Monopoly diagram,
Conclusions of monopoly
3  cards
monopoly deadweight welfare loss
Why do they cause deadweight welf...
1  cards
price discrimination: first, second and third degree
Price discrimiantion,
Conditions for price discrimination,
First degree and graph
6  cards
natural monopoly
Natural monopoly examples,
Characteristics of natural monopoly,
Natural monopoly graph 22
3  cards
pros, cons evaluation of monopoly power
Cons of monopolies,
Pros of monopoly power,
Evaluation of monopoly power
3  cards
competitive markets
Pros of competitive markets,
Cons of competitive markets,
Evaluation of competitive markets
3  cards
monopolistic comp
Characteristics of monopolistic c...,
Short run monopolistic comp,
Shift to long run in monopolistic...
4  cards
concentration ratios
What is the concentration ratio a...,
Example of large firms
2  cards
oligopoly kinked demand curve
What is an oligopoly,
Examples of oligopoly,
Why kinked demand curve
5  cards
game theory
Prisoner dilemma,
Inclusion of game theory
2  cards
oligopoly behaviour
Competition oligopoly what factor...,
Collusiveoligopoly what factors p...
2  cards
contestable markets
What is a contestable market,
Effect of tech on contestability,
Monopoly market contestability
5  cards
competition policy
Who enacts competition policy,
Aims of competition policy,
When will completion policy inter...
3  cards
monopoly regulation, competition policy
Examples of monopoly regulation,
Evaluation of competition policy
2  cards
privatisation
Privatisation,
Graph of privatisation,
Advantages and disadvantages of p...
4  cards
deregulation
What is dergulation,
Graph of deregulation,
Advantages and disadvantages of d...
4  cards
nationalisation
Nationalisation,
Arguments in favour vs against,
Evaluation of nationalisation
3  cards
tech change
Invention vs innovation,
Graph of tech change and efficien...,
Market structures
3  cards
cost benefit analysis
Cost benefit analysis,
Positives of cba
2  cards
imperfect info and decision making
Information failure
1  cards
behavioural economics
What is behavioural economics,
Traditional vs behavioural on how...,
Cognitive biases in behavioural e...
4  cards
demand for labour
Dead curve for labour and nature ...,
Marginal revenue product of labou...,
Demand curve labour market firm a...
6  cards
individual labour supply
Indiviudal labour supply and fact...,
Labour supply curve and why,
Labour supply curve
5  cards
perfectly competitive labour market
Characteristics of perfectly comp...,
Wage determination of a perfectly...
2  cards
labour market impacts
Wage differentials and labour mar...,
Monopsonies and labour market imp...,
Trade unions labour market
6  cards
wage differentials
Why do men earn more than women,
Why do footballers earn more than...,
Why do londoners get more than no...
5  cards
income, wealth and inequality
Income vs wealth and reasons for ...,
Lorenz curve and gini coefficient...,
Poverty and types and causes
9  cards

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