F4T1 Mass Revision Flashcards

1
Q

Classification of Outputs of Production/Goods

  • Goods & Services
  • Economic Goods & Free Goods
  • Producer Goods & Consumer Goods
  • Public Goods & Private Goods
A
  • Goods & Services
    • Goods: Tangible output of production
    • Services: Intangible output of production
  • Economic Good & Free Good
    • Economic Good: A good which the quantity available is insufficient to satisfy all human wants for it. More of it is preferred.
    • Free Good: A good which the quantity is sufficient of satisfy all human wants for it. More of it is not preferred.
  • Producer Good & Consumer Good
    • ​Producer Good: A good bought by firms for the production of goods and services.
    • Consumer Good: A good bought by household to directly satisfy (consumer’s) wants.
  • Private Good & Public Good
    • Private Good: A good which is rival and excludable in consumption.
    • Public Good: A good which is non-rival and non-excludable in consumption.
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2
Q

Division of Labour

  • Advantages (6)
  • Disadvantages (4)
  • Limitations (2)
A

Graph

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3
Q

Labour Supply

  • Factors (2)
A
  • Size of Working Population
    • ​Size of labour force (population structure)
    • Government Policies (minimum & maximum age, duration of schooling, childcare services, immigration control, importation of labour)
  • ​Number of Working Hours
    • Government Policies ( number of public holidays, duration of leave, maximum working hours)
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4
Q

Labour Productivity

  • Factors (6)
A

Graph

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5
Q

Piece Rate, Time Rate and Basic Sallary + Commission Scheme

  • Advantages
  • Disadvantages
A

Graph

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6
Q

Profit Sharing Scheme and Tips

  • Advantages
  • Disadvantages
A
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7
Q

Occupational Mobility

  • Factors (4)
A

Graph

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8
Q

Geographical Mobility

  • Factors (4)
A

Graph

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9
Q

Sole Proprietorships & Partnerships

  • Common Features (9)
A

Graph

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10
Q

Sole Proprietorships & Partnerships

  • Distinctive Features (5)
A

Graph

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11
Q

Private & Public Limited Companies

  • Common Features (6)
A

Graph

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12
Q

Private & Public Limited Companies

  • Distinctive Features (4)
A

Graph

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13
Q

Issuing Bonds VS Shares for companies

  • Advantages (3 X 2)
  • Disadvantages (2 X 2)
A

Graph

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14
Q

Buying Bonds VS Shares for investors

  • Advantages (2 X 2)
  • Disadvantages (3 X 2)
A

Graph

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15
Q

Motives of the 5 types of integration/expansion. (T)

  • Horizontal
  • Vertical Backward
  • Vertical Forward
  • Lateral
  • Conglomerate
A

Graph

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16
Q
  • Internal economies of scale (7)
  • Internal diseconomies of scale (4)
A

Graph

17
Q
  • External economies of scale (4)
  • Exteranl diseconomies of scale (3)
A

Graph

18
Q
  • Factors affecting elasticity of demand (8)
A
  • Availability of close substitute (+)
  • Time available to adjust consumption (+)
  • Degree of necessity (-)
  • Consumption habit (-)
  • Proportion of income spent (+)
  • Price range (+)
  • Durability (+)
  • Number of Uses (+)
19
Q
  • Factors affecting elasticity of supply (7)
A
  • Quantity of good available
  • Flexibility in production (+)
  • Factor moiblity (+)
  • Reserve capacity (+)
  • Time required for production (-)
  • Time available for adjusting production (+)
  • Ease of entry (+)
20
Q
  • Factors that changes Demand
A
  • Income of consumers
    • Normal Good
    • Inferior Good
  • Prices of related goods
    • Substitutes - satisfy same want
    • Complements - used together for part. Want
  • Derived demand - a factor is a derived demand of a product
  • Expectation of future prices
  • Number of buyers in the market
  • Composition of the population
  • Taste or Preference (fashion, advertisement, etc.)
  • Others (e.g. weather, govt policy)
21
Q
  • Factors that changes Supply
A
  • Prices of inputs –> Cost of production
  • Prices of related goods
    • Joint Supply - prod. of one good generate another
    • Competitive Supply - goods require similar factors
  • State of technology
  • Expectation of future prices
  • Number of producers in market (Market demand only)
  • Others (e.g. weather, govt policy, labour actions)
22
Q
  • Features of Market Structures (per7)
    • Perfect Competiton
    • Monopolistic Competition
    • Oligopoly
    • Monopoly
A

Graph