Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Economics > Micro Application 2018 > Flashcards

Micro Application 2018 Flashcards

1
Q

Basic Economic Problem

A

Worldwide Food Scarcity

India + South Africa- Water Scarcity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

INCREASED DEMAND

A

Spanish Holidays- Brexit
Commodities- e.g. Oil —> Increased China Incomes
Low/No Alcohol Drinks- change in tastes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

DECREASED DEMAND

A 
Student Housing (UK)- Increased University Cost
Print Newspapers- Tech Advancements
Dining in- Deliveroo etc.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

INCREASED SUPPLY

A

India Subsidies- Gas, Fuel + Rice

Air Travel in UK- Increased Contestability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

DECREASED SUPPLY

A

Fizzy drinks- Sugar Tax
Ice Cream (Vanilla)- Increased Vanilla Price
Gas/Electricity- Weather issues

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

INELASTIC PED

A

Cigarettes, Alcohol, Sugary Drinks, Fast Food
Public Transport
iPhone- iPhone X revenue increase- Brand Loyalty
Basic Commodities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

INELASTIC PES

A 
Basic Commodities
Gas/Electricity
—Difficult to Store
Housing
Heathrow + Gatwick Airport
—Lack of Spare Capacity
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

XED COMPLEMENTS

A

Printers + Ink
Games Consoles + Games
Nespresso machines + Capsules

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

XED SUBSTITUTES

A

Fast Food Chains- especially Burger chains

Smartphones

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

YED NORMAL GOODS

A

Restaurant Dining, Foreign Holidays
Designer Clothing
Theatre
House Renovation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

YED INFERIOR

A

Fast Food
Store-Brand Food
Staycations
Public Transport- more Uber + Cars

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

NEGATIVE EXTERNALITY IN PRODUCTION

A

Manufacturing- Resource Depletion + Degradation

Deforestation- Loss of Biodiversity + Desertification

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

NEGATIVE EXTERNALITY IN CONSUMPTION- Demerit Goods

A

Cigarettes, Alcohol, Sugar, Fat

Chewing Gum, Sun Beds, Red Meat

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

POSITIVE EXTERNALITY IN PRODUCTION

A

In-work Training
R&D
Childcare

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

POSITIVE EXTERNALITY IN CONSUMPTION- Merit Goods

A

Vaccinations, Healthcare + Exercise
Education + School Lunches
Public Transport

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

PUBLIC GOODS

A

Flood Defences, Roads, Bridges, National Parks
Road Signs, Street Lights, Traffic Lights
Defence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Common Access Resources

A

Seas + Air(Oxygen)

Forests

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

INDIRECT TAX + MARKET FALIURE

A

Cigarette, Alcohol, Sugar + Carbon Taxes
Latte Tax needed?- Coffee cups are recyclable
—Over 90% not recycled- only 5 plants across UK
Plastic Tax?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

SUBSIDIES + MARKET FAILURE

A

Electric/Autonomous Cars
Solar Panels
Public Transport
R&D, In-work Training + Adult Training

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

REGULATION + MARKET FAILURE

A

BANS- Smoking+smoking advertising, Plastic Straw?, France Soft Drink refill
LIMITS- Alcohol + Cigarette age limits
COMPULSORY-Forced negative smoking advertising, Nutrition Information
QUOTAS- caps on CO2 Emissions, Fishing Quotas
INNOVATIVE REGULATION- UK Deposit Recycling Scheme

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

STATE PROVISION

A

NHS
State Schools
Public Goods

22
Q

MAX. PRICE + MARKET FAILURE

A

Rent Control- New York + Berlin
Energy Price Cap
Basic Food Items- Venezuela

23
Q

Tradable Pollution Permits

A

Kyoto Protocol

ETS (EU)- Carbon Credits

24
Q

MIN. PRICE + MARKET FAILURE

A

Scotland- Alcohol- 50p per Unit

25
Q

PERFECT COMPETITION

A

No real life examples
Market stalls
Foreign Exchange

26
Q

HIGHLY COMPETITIVE MARKETS

A

Fast Food, Cars, Short-haul Airlines

Supermarkets

27
Q

MONOPOLISTIC COMPETITION

A

Taxis, Clothing, Restaurants, Hotels
Streaming Services
Coffee Shops
Hairdressers/Salons

28
Q

OLIGOPOLY- COMPETITIVE

A

Supermarkets
Soft Drinks
Cars, Mobile Phones
Short-haul Flights

29
Q

OLIGOPOLY- Non-Competitive

A

Energy Market
Supermarket Fuel
Bus Companies

30
Q

MONOPOLY POWER

A 
Google Search- 88%
Durex- 80% in Necessity market
Gazprom- EU Gas
Tesco- 28%
UPS- 26%
London Underground
Merlin Attractions- Theme Park provider
31
Q

PRICE DISCRIMINATION

A

1st Degree- Amazon

3rd Degree- Rail, Airlines, Theatre, Hotels

32
Q

NATURAL MONOPOLY

A

Network Rail

Utilities

33
Q

CONTESTABLE MARKETS

A

Taxis, Hotels, Fast Food
Airlines, Parcel Delivery, Tech Firms
Online Retailers

34
Q

LOSS MAKING COMPANIES

A 
Maplin
Toys ‘R’ Us
New Look
Monarch Airlines
BlackBerry
35
Q

Economies of Scale

A 
Energy
Supermarkets
Airlines
Tech Firms
Online Retailers
36
Q

PROFIT MAXIMISATION

A

Pharmaceuticals

Electronics

37
Q

SALES MAXIMISATION

A

Costa (UK)
Netflix
Amazon
Spotify

38
Q

Corporate Social Responsibilty

A

Disney
Starbucks
Microsoft
Ben + Jerries

39
Q

Monopoly Regulation

A

RPI- trains, Gatwick + Heathrow, Water (UK)
Merger-NPower + SSE, Sainsbury’s + ASDA
Deregulation- Airlines, Buses

40
Q

DEMAND FOR LABOUR

A

Pilots, Air-traffic controllers, Child Minders
App Developers, Bank Clerks
Advertising Agencies

41
Q

INELASTIC WED- Wage Elasticity

A

Premier League Footballers

Plumbers + Electricians

42
Q

ELASTIC WED- Wage Elasticity

A

Call Centre Workers- substitutable with technology

43
Q

INCREASED LABOUR SUPPLY

A

Shelf Fillers- graduates entering non-graduate jobs

44
Q

DECREASED LABOUR SUPPLY

A

Low Skilled work- Brexit Uncertainty

45
Q

INELASTIC WES- Wage Elasticity

A 
Doctors
Engineers
Accountants
Pilots
Lawyers
46
Q

ELASTIC WES- Wage Elasticity

A

Travel Agents
Driving Instructors
Waitresses

47
Q

MONOPSONY EMPLOYER

A

NHS
State Schools
McDonalds

48
Q

UK LIVING WAGE

A

£7.83 per hour- over 25s

49
Q

UK GINI COEFFICIENT

A

0.34

50
Q

Policies to Redistribute Income

A

Tax Rich- Labour Party UK
Transfer Payments/Benefits- Labour Party UK
Spending on Education and Healthcare
Increase Minimum/Living Wage
Northern Powerhouse- Reduce Regional Inequalities + Decrease Dependence on South

Economics (20 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions