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Econ > ECON > Flashcards

ECON Flashcards

1
Q

Draw a diagram to show the effects of a tax on vapes to make marginal private benefit equal to marginal social benefit

A

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2
Q

Draw a diagram to show the effects of a tax on vapes
- Think of elasticity
- Think of consumer/producer burden

A

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3
Q

Draw a diagram to show wage determination in a monopsony market

A

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4
Q

Draw a diagram to show the impact of a trade union in a monopsony labour market

A

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5
Q

Draw two diagram to show monopolistically competitive markets in the short term and long term.

A

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6
Q

Draw a diagram to show perfectly competitive markets in the short term and long term.

A

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7
Q

Draw a monopoly diagram

A

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8
Q

Show the effects nationalisation on a monopoly diagram

A

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9
Q

Draw a diagram to show how a trade union can impact a labour market
- Think of excess supply
- Think of unemployment

A

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10
Q

Draw a diagram to show the law of diminishing returns

A

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11
Q

2 Diagrams to show the relationship between the law of diminishing returns and total product

A

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12
Q

Draw a long run average cost curve
- think economies of scale
- think minimum efficient scale

A

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13
Q

what is really fun mums try making pies
-think economies of scale

A

Risk Bearing
Financial
Management
Technical
Marketing
Purchasing

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14
Q

What are the 3 C’s and an M
- Think diseconomies of scale

A

Control
Communication
Coordination
Motivation

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15
Q

Show profit maximising and revenue maxing with a diagram

A

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16
Q

Draw inelastic labour supply

A

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17
Q

Draw a diagram to illustrate the impact of technology on the long run average cost curve

A

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18
Q

How does improved technology impact the number of firms and why

A

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.

19
Q

How does improved technology impact knowledge

A

Improved information for consumers and firms.

20
Q

Choice architecture maintains…

A

Consumer Sovereignty

21
Q

People who consume addictive goods face…

A

Bounded self control - they prioritise short term pleasure over long-term benefit

22
Q

Draw a minimum price diagram

A

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23
Q

Why will super normal profits fall when an industry is nationalised

A

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.

24
Q

What can patents cause…

A

X inefficiency as firm feels immune from competition

25
Q

X inefficiency created by…

A

Productive slack

Econ (2 decks)

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