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A Level Economics > Micro Examples > Flashcards

Micro Examples Flashcards

1
Q

Basic Economic Problem

A

World Scarcity: India, South Africa

Food Scarcity: Worldwide

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2
Q

Demand Shift Right

A

Spanish Holidays
Commodities e.g Oil
Low/No Alcohol Drinks

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3
Q

Demand Shift Left

A 
Student Housing (UK)
Print Newspaper, Dining In
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4
Q

Supply Shift Right

A 
India Subsidies (Gas, Fuel, Rice)
Air Travel
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5
Q

Supply Shift Left

A

Fizzy Drinks
Ice Cream (Vanilla)
Gas/Electricity

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6
Q

PED Inelastic

A

Cigarettes, Alcohol, Sugary Drinks, Fast Food, Public Transport, iPhone, Basic Commodities

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7
Q

PES Inelastic

A

Basic Commodities, Gas/Electricity, Housing, Heathrow/Gatwick Airport

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8
Q

XED Complements

A

Nespresso Machines/Capsules, Printers/Ink, Games Consoles/Games

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9
Q

XED Substiutes

A

Fast Food Burgers, Smartphones

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10
Q

YED Normal Goods

A

Restaurant Dining, Foreign Holidays, Designer Clothing, Theatre, House Renovation

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11
Q

YED Inferior Goods

A

Fast Food, Public Transport, Staycations, Own Brand Food

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12
Q

Negative Externalities in Production

A

Manufacturing, Driving Cars, Resource Depletion, Resource Degradation, Deforestation, Loss of Biodiversity, Desertification

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13
Q

Negative Externalities in Consumption

A

Cigarettes, Alcoholic Drinks, Sugar, Fat, Chewing Gum, Sun Beds, Red Meat

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14
Q

Positive Externalities in Consumption

A

Vaccinations, Healthcare, Education, Public Transport, Exercise, School Lunches

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15
Q

Positive Externalities in Production

A

In Work Training, R+D, Childcare

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16
Q

Public Goods

A

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

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17
Q

Common Access Resources

A

Seas, Air, Forests

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18
Q

Indirect Tax solutions to Market Failure

A

Cigarette, Alcohol, Sugar, Carbon, Fuel, (Lattes and Plastics?)

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19
Q

Subsidy solutions to Market Failure

A

Electric Cars, Solar Panels, Public Transport, R+D, In Work Training, Adult Training

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20
Q

Regulation Solutions to Market Failure

A

Bans, Limits, Compulsory, Quotas, Innovative Regulation

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21
Q

State Provision

A

NHS, State Schools, Various Public Goods

22
Q

Tradable Pollution Permits

A

Kyoto Protocol, ETS (EU)

23
Q

Minimum Price solutions to Market Failure

A

Alchohol Scotland

24
Q

Maximum Price solutions to Market Failure

A

Rent Control (New York, Berlin), Energy Price Cap, Food Venezuela

25
Q

Perfect Competition

A

Market Stalls, Tuk Tuks, 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, Coffee Shops, Hairdressers/Salons

28
Q

Oligopoly (Competitive)

A

Supermarkets, Soft Drinks, Cars, Mobile Phones, Short Haul Airlines

29
Q

Oligopoly (Non-Competitive)

A

Energy, Supermarket Fuel, Bus

30
Q

Monopoly Power

A

Google Search (88%), Durex (80%), Gazprom, Merlin Attractions, Stagecoach Cambridge, London Underground, UPS (26% Worldwide), VW (26-27% EU), Tesco (28%), Motorway Fuel Providers

31
Q

Price Discrimination

A

1st Degree: Amazon

3rd Degree: Rail, Airlines, Hotels, Uber (surge pricing)

32
Q

Natural Monopoly

A

Rail Infrastructure (Network Rail), Utilites, Post

33
Q

Contestable Markets

A

Taxis, Hotels, Fast Food, Airlines, Parcel Delivery, Streaming

34
Q

Loss Making Companies

A

Blackberry, Monarch, Toys R Us, New Look, Maplin, Restaurants

35
Q

Economies of Scale

A

Energy, Supermarkets, Airlines, Tech Firms, Online Retailers

36
Q

Profit Maxmisation

A

Pharmaceuticals, Electronics

Due to need to keep investing in R+D

37
Q

Sales Max (Growth Max)

A

Costa (UK), Netflix?, Amazon?, Spotify?

38
Q

Corporate Social Responsiblities

A

Disney, Starbucks, Microsoft, Body Shop, Ben + Jerry’s

39
Q

Monopoly Regulation

A 
RPI: Trains, Gatwick
RPI - X: Heathrow
RPI + k: Water
Quality Control: Rail, Internet, Energy
Merger: NPower/SSE, Sainsbury's/Asda
Privatisation: Royal Mail, Railways
Deregulation: Airlines, Buses
Nationalisation: Railways, Energy, Water, Royal Mail
40
Q

Demand for Labour

A

Pilots, Air Traffic Controllers, Child Minders, App Developers, Bank Clerks, Advertising Agency

41
Q

WED Labour - Inelastic

A

Premier League Footballers, Plumbers, Electricians

42
Q

WED Labour - Elastic

A

Call Centre Workers

43
Q

Supply of Labour Left

A

Low skilled work

44
Q

Supply of Labour Right

A

Shelf fillers

45
Q

WES Labour - Inelastic

A

Doctors, Engineers, Accountants, Pilots, Lawyers

46
Q

WES Labour - Elastic

A

Travel Agents, Waitresses, Driving Instructors

47
Q

Monopsony Employer

A

NHS, State Schools, Walmart, McDonalds

48
Q

Living Wage

A

£8.21 per hour

49
Q

Gini Coefficient

50
Q

Policies to Redistribute Income

A 
Tax Rich (Labour, Australia)
Transfer Payments (Labour)
Government Spending on Education and Health
Increasing Minimum Wage (Living Wage)
Northern Powerhouse

A Level Economics (12 decks)

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