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A Level Economics > Formula > Flashcards

Formula Flashcards

1
Q

Real GDP

A

(Nominal GDP / Price Index) × 100

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2
Q

Real GDP per Capita

A

(((Nominal GDP / Price Index) × 100) / Population) × 100

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3
Q

Index Number

A

(Raw Number / Base Year Raw Number) × 100

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4
Q

Weighted Price Index

A
  1. Convert Prices into Index Form
  2. Multiply Index Numbers by Weight
  3. Add up all Weighted Prices
  4. Divide by Total Number of Weights
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5
Q

Bond Yield

A

Yield = Coupon / Market Price × 100

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6
Q

Total Cost

A

Total Fixed Cost + Total Variable Cost
OR
Average Cost × Quantity

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7
Q

Total Fixed Cost

A

Total Cost - Total Variable Cost
OR
Average Fixed Cost × Quantity

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8
Q

Total Variable Cost

A

Total Cost - Total Fixed Cost
OR
Average Variable Cost × Quantity

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9
Q

Average Cost

A

Total Cost / Quantity
OR
Average Fixed Cost + Average Variable Cost

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10
Q

Marginal Cost

A

Change in Total Cost / Change in Quantity

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11
Q

Average Product

A

Total Product / Quantity of Labour

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12
Q

Marginal Product

A

Change in Total Product / Change in Quantity of Labour

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13
Q

Total Revenue

A

Price × Quantity

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14
Q

Average Revenue

A

Total Revenue / Quantity = Price

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15
Q

Marginal Revenue

A

Change in Total Revenue / Change in Quantity

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16
Q

Profit

A

Total Revenue - Total Cost

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17
Q

Supernormal Profit

A

Average Revenue > Average Cost

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18
Q

Subnormal Profit

A

Average Revenue < Average Cost

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19
Q

Profit Max

A

Marginal Revenue = Marginal Cost

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20
Q

Revenue Max

A

Marginal Revenue = 0

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21
Q

Average Cost = Average Revenue

A

Normal Profit
Sales Max
Breakeven
Entry Limit Price

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22
Q

Allocative Efficiency

A

Demand = Supply
Marginal Social Benefit = Marginal Social Cost
Price = Marginal Cost

23
Q

Productive Efficiency

A

Minimum point on Average Cost

Average Cost = Marginal Cost

24
Q

X Efficiency

A

At any point on Average Cost

25
Q

Dynamic Efficiency

A

Long Run Supernormal Profit

26
Q

Minimum Efficient Scale

A

At the lowest quantity level when Average Cost stops decreasing

27
Q

Shutdown Condition

A

Average Revenue = Average Variable Cost

Average Revenue < Average Variable Cost

28
Q

Average Utility

A

Total Utility / Quantity

29
Q

Marginal Utility

A

Change in Total Utility / Change in Quantity

30
Q

Utility Max

A

Marginal Utility = 0

31
Q

Social Cost

A

Private Cost + External Cost

32
Q

Social Benefit

A

Private Benefit + External Benefit

33
Q

Profit Max (Labour Market)

A

Marginal Revenue Product = Marginal Cost of Labour

34
Q

Price Elasticity of Demand

A

% Change in Quantity Demanded / % Change in Price

35
Q

Price Elasticity of Supply

A

% Change in Quantity Supplied / % Change in Price

36
Q

Cross Elasticity of Demand

A

% Change in Quantity Demand of Good X / % Change in Price of Good Y

37
Q

Income Elasticity of Demand

A

% Change in Quantity Demanded / % Change in Income

38
Q

GDP

A

Value of all Goods and Services produced in an economy in a year
Sum of all Factor Incomes
Aggregate Demand: C + I + G + (X - M)

39
Q

Nominal GDP

A

Quantity × Current Prices

40
Q

GDP Deflator

A

(Nominal GDP / Real GDP) × 100

41
Q

GNI

A

GDP + Net Factor Income

42
Q

Green GDP

A

GDP - Environmental Costs

43
Q

Aggregate Demand

A

C + I + G + (X - M)

44
Q

Multiplier

A

1 / 1 - Marginal Propensity to Consume

1 / Marginal Propensity to Withdraw

45
Q

Marginal Propensity to Withdraw

A

Marginal Propensity to Save + Marginal Propensity to Import + Marginal Propensity to Tax

46
Q

Unemployment Rate

A

Unemployed / Labour Force

47
Q

% Change

A

(Difference / Original) × 100

48
Q

Marshall-Lerner Condition

A

PED(Exports) + PED(Imports) > 1

49
Q

Terms of Trade

A

(Average Index Price of Exports / Average Index Price of Imports) × 100

50
Q

Taxable Income

A

Total Income - Tax Free Allowance

51
Q

Constant Returns to Scale

A

% Change in Output = % Change in Input

52
Q

Increasing Returns to Scale

A

% Change in Output > % Change in Input

53
Q

Decreasing Returns to Scale

A

% Change in Output < % Change in Input

A Level Economics (12 decks)

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