ECON Flashcards
Draw a diagram to show the effects of a tax on vapes to make marginal private benefit equal to marginal social benefit
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Draw a diagram to show the effects of a tax on vapes
- Think of elasticity
- Think of consumer/producer burden
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Draw a diagram to show wage determination in a monopsony market
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Draw a diagram to show the impact of a trade union in a monopsony labour market
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Draw two diagram to show monopolistically competitive markets in the short term and long term.
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Draw a diagram to show perfectly competitive markets in the short term and long term.
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Draw a monopoly diagram
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Show the effects nationalisation on a monopoly diagram
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Draw a diagram to show how a trade union can impact a labour market
- Think of excess supply
- Think of unemployment
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Draw a diagram to show the law of diminishing returns
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2 Diagrams to show the relationship between the law of diminishing returns and total product
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Draw a long run average cost curve
- think economies of scale
- think minimum efficient scale
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what is really fun mums try making pies
-think economies of scale
Risk Bearing
Financial
Management
Technical
Marketing
Purchasing
What are the 3 C’s and an M
- Think diseconomies of scale
Control
Communication
Coordination
Motivation
Show profit maximising and revenue maxing with a diagram
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Draw inelastic labour supply
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Draw a diagram to illustrate the impact of technology on the long run average cost curve
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How does improved technology impact the number of firms and why
Increased number of firms as their are fewer barriers to entry. Started a business online removes the need for a physical premises allowing for more ease of entry into many markets. The ability to advertise through social media reduces costs making it easier to break into markets.
How does improved technology impact knowledge
Improved information for consumers and firms.
Choice architecture maintains…
Consumer Sovereignty
People who consume addictive goods face…
Bounded self control - they prioritise short term pleasure over long-term benefit
Draw a minimum price diagram
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Why will super normal profits fall when an industry is nationalised
Government will look to be allocatively efficient rather than profit maximise leading to lower prices furthermore may bring X inefficiency if set politically motivated targets rather than commercial objectives.
What can patents cause…
X inefficiency as firm feels immune from competition
X inefficiency created by…
Productive slack
