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Niamh Steadman
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Decks in this class (20)
3.1.1 Size and types of Firms
What is a firm,
What are the advantages of being ...,
Advantages of a sole trader
20
cards
3.1.2 Business Growth
Organic growth is known as what t...,
What is organic growth,
Organic growth can come about from
23
cards
3.1.3 De-Mergers
Why would a demerger occur,
What would be an impact on a busi...,
What would be the impact on emplo...
4
cards
3.2.1 Business Objectives
What is profit maximisation,
What is revenue maximisation,
What is sales maximisation
21
cards
3.3.1 Revenue
What is revenue,
What is average revenue,
What is marginal revenue
14
cards
3.3.2 Cost
When are economic costs incurred,
What are the costs of production ...,
What are long run costs for produ...
33
cards
3.3.3 Economies and Diseconomies
Whta is long run production,
How the output of a business resp...,
Increase returns to scale occur when
33
cards
3.3.4 Normal Profits, Supernormal profits and losses
What is profit,
What is included under total costs,
What is normal profits
12
cards
3.4.1 Economic Efficiency
What is allocative efficiency,
Benefits for consumers of allocat...,
Benefits to producers of allocati...
12
cards
3.4.2 Perfect Competition
What are the characteristics of p...,
What type of profits can firms in...,
Why is it only in the short run t...
9
cards
3.4.3 Monopolistic competition
Characteristics of monopolistic c...,
Why can monopolistic competition ...,
What does the long run monopolist...
5
cards
3.4.4 Oligopoly
What are the characteristics of a...,
Real life examples of an oligopoly,
Describe the graph for oligopolies
22
cards
3.4.5 Monopoly
Characteristics of a monopoly,
Why is there a loss in societies ...,
Describe the graph for a monopoly
14
cards
3.4.6 Monopsony
What are the characteristics of a...,
Define a monopsony,
Describe the graph for monopsony
6
cards
3.4.7 Contestability
Characteristics of a contestable ...,
What are prices and output like i...,
What pricing strategy do contesta...
9
cards
3.5.1 Demand for Labour
What is the definition of demand ...,
What influences the demand for la...,
If wages are lower
6
cards
3.5.2 Supply of Labour
What is the two factor people hav...,
What are the two factors which af...,
What is the income effect
15
cards
3.5.3 Wage Determination in Non/Competitive Markets
What is equilibrium market wage r...,
What are the main causes of diffe...,
What is a gig economy
33
cards
3.6.1 Government intervention in the product markets
What are the aims of competition ...,
What do the aims of the competiti...,
What are the main pillars of the ...
45
cards
3.6.2 Impact of Government regulation
What does government regulation a...,
How can the government control price,
How may the government promote ef...
10
cards
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Topic 3 - Micro
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