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Micro > Context > Flashcards

Context Flashcards

1
Q

Scarcity

A

Water in India (high pop means high d)
Farmers

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2
Q

Low d

A

Peloton bikes due to faults and returns to work
Tech goods due to low pp of y by i
Print newspapers (social media and online)
Student housing (high fees mean choose uni close to home to live with parents)

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3
Q

High d

A

Non dairy milk
Non alcoholic drinks
Electric cars and bikes
Rented accom due to high house prices and mortgage rates
Solar panels (alternative to high p electricity)

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4
Q

High s

A

Vat cut to 5% for hospitality in 2021 reduce costs increasing q

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5
Q

Low s

A

Poor harvest of tomatoes and peppers in 2023 summer and winter due to bad weather
Gas electric food due to Russia sanctions

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6
Q

Pid

A

Essential meds (Pfizer) - aids and cancer
Shell and bp
Uk parcel companies in 2021 (Covid)
Lego - home games during Covid

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7
Q

Pes

A

Covid vaccine manufacturers

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8
Q

Pis

A

Uk energy with low stocks and closing environmentally unfriendly power plants
Uk housing with time lags and tight planning permission

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9
Q

Complements

A

Printers and ink
Razors and blades
Coffee machines and capsules
Cars and accessories
Games and consoles
Lamps and bulbs

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10
Q

Substitutes

A

Fast food menu items
Coke and Pepsi
Nike and adidas trainers
Airlines

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11
Q

Normal yed goods

A

Make up
Foreign holidays
Airline travel

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12
Q

Inferior yed goods

A

Fast food in France
Own brand food
Bus travel

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13
Q

Indirect taxes

A

2018 France tried to raise fuel duty on petrol and diesel to increase revenue and reduce emissions
Mass protests due to regressive nature caused policy scrapping

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14
Q

Subsidies

A

HM vaccines for most vulnerable (pregnant >50 <12 disabled)
Uk and Germany electric cars
Eu and USA agriculture
Uk r and d

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15
Q

Pmin

A

Eu cap
Alcohol Scotland wales Ireland

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16
Q

Pmax (caps)

A

Energy p cap uk - didn’t increase in line with p rises so lots of small firms who couldn’t sustain losses were bankrupt - then households couldn’t afford such higher prices so gov had to subsidise
Rail fares
Heathrow landing charges
Water companies

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17
Q

Car

A

Forests in Malaysia are not privately owned - fastest deforestation in the world

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18
Q

Indirect taxes

A

Uk sugar tax in drinks
Caused changing recipes and less sugar
Increase consumption of low/zero sugar
Overall sugar from all sources has increased since tax introduction

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19
Q

Indirect tax

A

Uk sugar tax in drinks
Caused changing of recipes and less sugar
Increased consumption for low/zero sugar
Overall sugar consumption from all sources increased since tax introduction

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20
Q

Regulation

A

Banning plastic cutlery plates straws in uk

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21
Q

Uk anti smoking regulation

A

Age limits >18
Advertising bans
Public smoking bans
Compulsory warnings on packaging
Sold behind closed counter

22
Q

State provision

A

NHS
Dentistry uk
Education uk

23
Q

Tradable pollution permits

A

Ets uk eu
Reduced pollution

24
Q

Gf

A

Cigarette and alcohol duty in uk increased bm
Eu cap pays farmers to leave land aside to prevent xs s
Common fisheries policy eu - discards
NHS = wait times
Schools = large class sizes
Hs2 = high costs poor management high salaries low info (northern leg cancelled)

25
Q

Law of diminishing marginal returns

A

Coffee shop over employing baristas (lack of workspace and machines) and waiter (lack of walking space and tables) during rush hours

Pizza shops
Restaurants

26
Q

Eos

A

Airlines (purchasing - fuel and planes, financial - loans, managerial, marketing)
Uk supermarkets
Uk energy (bulk buying before expected p rises)

27
Q

Dos

A

Pepsi acquiring small companies = no coordination. Instead pepsi brought marketing in house and started companies without acquisition

28
Q

Profit max

A

Both have high r and d reqs and patents
Pharmaceutical companies - new drugs give firm monopoly power
Electronics companies (huawei, ms, Panasonic, intel)

Both need profit max to fund as much r and d as possible

29
Q

Profit satisficing

A

Walmart 2018 reacted to higher corporation tax by paying higher w

30
Q

Revenue max

A

Bus companies to drive out comp

31
Q

Sales max

A

Costa to get ahead of Starbucks
Netflix Amazon spotify to get large used account base
Aldi and Lidl to gain market share

32
Q

Survival

A

Fast food (five guys Wendy’s)
Uk courier, airlines and clothing)

33
Q

Csr

A

Starbucks paying coffee bean producers fair w and sustainable coffee production by planting new trees and training farmers

34
Q

Pc

A

Tuk Tuks in India and Thailand
Fruit and veg markets in India
Forex markets (identical products - the currency)

35
Q

Competitive markets

A

Uk fast food
Supermarkets
Takeaway delivery
Retail

36
Q

Closing due to high competition (online)

A

Toys r us
New look
Poundland
Debenhams
Wilko

37
Q

Monopoly power

A

Google search
Amazon
Apple

38
Q

Natural monopoly

A

Water
National grid
Bt and virgin (internet)
Network rail

39
Q

1st degree p discrimination

A

Amazon

40
Q

3rd degree p discrimination - surge pricing

A

Train - rush hour
Airlines - holidays + short notice
Uber for high demand times

41
Q

Monopolistic comp

A

Clothing
Taxis
Restaurants
Hairdressers
Hotels
Nightclubs

42
Q

Oligopolies p comp

A

Supermarkets

43
Q

Oligopolies non p comp

A

Soft drinks global coca cola Pepsi

44
Q

Oligopoly p fixing (cartel - overt collusion)

A

Scania
OPEC (Saudi, Iran, Venezuela)

45
Q

Oligopoly p leadership (tacit collusion)

A

Supermarket fuel providers
Uk energy providers

46
Q

Contestable markets

A

Hotel market - Airbnb
Taxis - uber
Takeaway - deliveroo uber eats

47
Q

Monopoly regulation

A

Advanz fined for p increases for thyroid drugs
Pcr tests overpriced

Performance targets/qc
Train and airlines with delays
Energy companies can’t cut service in winter or vulnerable households

Mergers
Asda and Sainsbury’s merger blocked

Regulatory capture
Boeing agreed with us gov that they are immune from legal prosecution by paying a fine of $2.5bn for their 737 max

48
Q

Privatisation

A

Royal Mail
Raised rev for Gov
Efficiency
More focus on parcels which have higher profits
Req to deliver to any postcode within 3 working days and 6 days a week

49
Q

Nmw

A

£11.44

No net reductions in employment despite rises to nmw (instead of cutting workers they accepted lower profits or raise p)

50
Q

Y tax

A

Reductions in uk y tax for the top bracket has resulted in a 25% increase in tax revenue since 2010

Micro (4 decks)

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