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Economic A Level > Micro Context for exams > Flashcards

Micro Context for exams Flashcards

1
Q

Basic economic problem

A

Water scarcity in India
Food scarcity

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2
Q

Demand shifts right

A

UK housing
Spanish holidays

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3
Q

Demand shift left

A

Newspapers
Public transport in china
Student housing

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4
Q

Supply shift right

A

Bumper harvest of goods

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5
Q

Supply shift left

A

Gas/elasticity
China manufactoring
fizzy drinks

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6
Q

PED Inelastic

A

Cigarettes
Alcohol
Sugary foods

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7
Q

PES inelastic

A

Housing
Electricity

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8
Q

XED complements

A

Coffee machines and capsules
Printer and printer ink
Razors and razor blades - Gilette

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9
Q

XED substitutes

A

Phones - Samsung and Apple
Fast food

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10
Q

YED Normal goods

A

Cars
Designer clothes

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11
Q

YED Inferior goods

A

Fast food
public transport

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12
Q

Indirect taxes

A

Fuel duty
alcohol duty
VAT
Sugar tax

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13
Q

Subsidy

A

Solar panels
Electric cars
Museums
Agriculture in USA

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14
Q

Minimum Price

A

Alcohol in Scotland
Wage minimum wage

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15
Q

Maximum Price

A

Proposed rent control by labour party
Energy cap

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16
Q

Negative productive externality

A

Deforestation
Chemical production

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17
Q

Demerit goods

A

Cigarettes
Alcohol

18
Q

Merit goods

A

Vaccinations
Education
Sun cream

19
Q

Positive productive externality

A

R and D
In work training

20
Q

Public goods

A

Street lights
Flood defences

21
Q

Quasi-Public goods

22
Q

Common access resources

A

Air
Forests

23
Q

Perfect competition

A

Market stalls in big markets
Foreign exchange

24
Q

Very competitive markets

A

Fast food
Cars
Short haul air planes

25
Q

Monopolistic competition

A

Taxis
Chain restaurants
Streaming music apps

26
Q

Oligopoly

A

UK supermarkets
Soft drinks

27
Q

Oligopoly (collusion)

28
Q

Monopoly’s

A

Google search
London underground
Stagecoach

29
Q

Contestable markets

A

Taxis
Hotels
Fast food

30
Q

Profit maximisers

A

Apple
Pharmaceutical companies

31
Q

Revenue maximisers

A

Costa
Amazon
Netflix
Spotify

32
Q

WED labour inelastic

A

Footballers
cleaners

33
Q

WED labour elastic

A

Call centre workers

34
Q

WES labour inelastic

A

Teachers
Nurses
Pilots

35
Q

WES labour elastic

A

Travel agents
Waiters

36
Q

Monopsony employers

A

NHS
State schools

37
Q

Price discrimination
1st dgree

38
Q

Price discrimination
Third degree

39
Q

Natural monopolies

A

Rail lines

40
Q

Mergers and Takeover examples

A

Nike and Umbro
Iberia and British Airways

41
Q

Blocked mergers and takeovers

A

Sainsbury-Asda merger

Economic A Level (22 decks)

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