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Theme 1 > Micro Examples for literally everything (A* Content) > Flashcards

Micro Examples for literally everything (A* Content) Flashcards

1
Q

Basic Economic Problem

A

Water Scarcity:

India, South Africa, Middle East

Food Scarcity Worldwide

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2
Q

Demand Shift Right

A

Spanish Holidays demand increasing
Commodities Oil
Loungewear during COvid

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3
Q

Demand Shift Left

A

Student Housing - as it gets more expensive
Print Newspapers

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4
Q

Supply shift right

A

Subsidisation of Indian Gas, fuel, rice
Air Travel

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5
Q

Supply Shift Left

A

Fizzy Drinks from the sugar tax
Gas/Electricity supply

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6
Q

PED Inelastic

A

Addictive: Cigs, Alcohol, Sugary Drinks, Fast Food
Necessity: Public Transport, IPhone

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7
Q

PES Inelastic

A

Basic Commodities
GAs Electricity
Housing
HEathrow/Gatwick

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8
Q

XED Complements

A

Nepresso Machines/Capsules
Printers/Ink
Games Consoles/Games

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9
Q

XED Substitutes

A

Fast Food Burgers

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10
Q

YED Normal Goods

A

Restaurant DIning
Holidays
Designer
Theatre

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11
Q

YED Inferior Goods

A

Fast Food
Public Transport
Staycation
Own Brand items

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12
Q

Obesity Market Failure

A

20% of all 10-11 year olds are obese
25% adults obese

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13
Q

Cost to NHS of obesity

A

£16bn cost NHS a year

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14
Q

Sugar Tax impact

A

Cut sales by around 10% in the first year

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15
Q

PED of Cigarettes

A

-0.8 to -0.6

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16
Q

Cost of Cigarettes to the NHS

A

£3-6bn a year

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17
Q

Cost of Alcholic Drinks to NHS and general society

A

NHS £3-5 billion
Soceity £21 billion for police and more

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18
Q

PED Beer

A

-0.3 and -0.7

but wine and spirits are more elastic (goes beyond 1)

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19
Q

Gambling cost to society

A

£1.2 billion - anxiety, crime, depression

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20
Q

Cost of Road COngestion to UK society

A

Lost output and productivity costed £20 billion a year

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21
Q

Air pollution compared to Sweden and US

A

64 times more likely to die of air pollution than Sweden and twice than US

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22
Q

Cost of providing education + Health

A

£80 billion a year
£110 billion a year

2/7 of entire budget

instead of increasing supply, possibly reducing excess demand through digital health or role of private sector

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23
Q

Public Goods

A

Flood Defences, Roads, Bridges, Beaches, Traffic Sings, Street Lights

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24
Q

Regulation

A

Ban on Smoking Advertising
Ban on refilling sugary drinks (France)
Forced negative advertising on cigarettes
Traffic Light System
Fishing Quotas in EU

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25
Alcohol minimum price in Scotland
10% fall
26
Maximum price cap
Energy price cap by Theresa May
27
Perfect Competition
Market Stalls, Tuk Tuks
28
Monopolisitic Competition
Taxis, Clothing, Restaurants, Hotles, Coffee Shops, Hairdressers
29
Oligopoly (competitive)
Supermarkets, Soft Drinks, Car, Mobile Phones
30
Oligolpoly (non-competitive)
Energy, Supermarket, US Domestic Airline
31
Monopoly Power
Google Search - 93% Durex - 80% Merlin Attractions
32
3rd Degree Price Discrimination
Rail, Airlines, Uber, Hotels
33
Natural Monopoly
Rail, Infastructture, Utilities
34
Contestable Markets
Taxis, Hotles, Fast Food, Airlines, Parcel Delivery, Streaming
35
Loss Making Companies
Blackberry, Prezzo
36
Economies of Scale
Energy, Supermarkets, Airlines, Tech Firms, Online Retailers
37
Profit Maximisation
Pharmaectuicals, Electronics
38
Sales Max (growth max)
Costa (UK) Netfllix, Amazon, Spotify
39
CSR
Disney, Starbucks (suppliers pay), Microsoft (Gates Foundation), Lush (no animal testing)
40
RPI
Trains, Gatwick
41
RPI - X
Heathrow landing charges
42
RPI -/+ K
Water
43
Quality Control
Railways (lateness), Internet (speeds), Energy (can't cut vulnerable)
44
Merger Regulation
Activision and Blizzard stopped
45
Privatisation
Royal Mail 2013 Railways 1992
46
Deregulation
Airlines 1990s
47
Nationalisation
Proposed nationalisation of railways, energy and royal mail
48
Demand for Labour increasing
Pilors, Child Minders, APp Developers
49
Demand for Labour decreasing
Bank Clerks, Advertising Agency (due to increasing costs)
50
WED Labour Inelastic
Premier League Footballers, Plumbers, Electricians
51
WED Labour Elastic
Call Centre (tech and big cosst)
52
Supply of Labour left
low skilled work after brexits
53
WES Labour - inelastic
Doctors, ENgineers, Accountants, Pilots, Lawyers
54
WES Labour - Elastic
Travel Agents, Waitress, Driving Instructors
55
Monopsony Employer
NHS, State Schools, Walmart, McDonalds
56
Policies to Redistribute Income
Australia - 2018 raised marginal tax band 45% --> 47% Transfer Payments - Corbyn proposal to remove cap and implementing new benefits Hunt £3.3 billion to NHS + £2.2 billion for education Rising Minimum Wage to £10.90
57
What is the CMA investigating about fuel
IF petrol and diesel prices are too slow to fall when wholesale prices fall
58
How does the market structure of fuel contribute to sticky prices
Kinked Demand Curve -predicts sticky prices
59
Example of agglomeration external economies of scale
1. Silicon Valley, California 2. Napa Valley California (winemaking) 3. Financial Services in the City of London
60
Examples of economies of scale that larger hotel chains in the UK benefit from
1. Bulk Purchasing 2. Technology - invest in centralised reservation systems 3. Marketing and Branding
61
Monopoly Power and Insulin Prices
Marginal Cost around $4 (according to American Medical Association) Average Price of a vial of insulin is $540 in 2019
62
Market Share of Insulin Manufacturers
Eli Lilly: 46% Novo Nordisk: 31% Sanofi: 23% 3 firm concentration ratio of 100%
63
Why are insulin prices so high in the US?
1. Lack of price regulation 2. Complex Supply Chain means lots of added profit mark ups 3. Patent protections allow a legal monopoly 4. High FIxed costs of research and development
64
Why are insulin prices lower in the EU?
1. **Price Regulation** for insulin 2. **Monopsony Power** Eu negotiates prices for member states 3. Patent Lws in the US are longer
65
Bidens price cap and pressure
price cap for elderly on state program Eli Lily cut insulin prices by 70%
66
How does Ryanair improve profitability
* Hedge against world oil prices * Aim to drive mc down to 30 euros (exc. oil) * Oursourcing ground maintenance * Purchasing economies of scale * Single Fleet - standardisation
67
How does Ryanair increase it's load factor
Utilising dynamic pricing to fill as many seats as possible 2018 - 96% of flights full
68
Deregulation of Parcel Services
Royal Mail lost legal monopoly, increased compeition has led to an increase in the number of parcel delivery companies
69
Rise of Challenger Banks
Monzo: digital-only bank offers currenty accounts, credit cards and personal loans Revolut: digital only bank Starling Bank and Atom Bank
70
State owned industries in the UK
Network Rail Channel 4 National Air Traffic Service Ordnance Survey NHS
71
Network Rail
Responsible for maintaining and operating the rail infastrucutre in the UK
72
NATS
Public-Private parnetship in managing safe and efficient flow of air traffic in UK airspace
73
Telecoms Market Share
BT, Sky and Virgin Media top 3 control **75%**
74
2020 Virgin Media and 02 merger
combine 2nd largest broadband network with it's largest mobile operator
75
How do telecoms compete
1. Competition on monthly tariffs non-price: 2. Length of Contracts 3. Bundling of services 4. Free vouchers, free calls 5. Quality and reliability of network connections 6. Quality of customer service
76
Broadband and universal credit
Heavily discounted prices around (15-20) compared to average of £79
77
Telecom infastructure providers
Mostly Virgin and BT
78
Alt-nets
Increasing market contestability from 'alt-nets' in specific towns and cities e.g. CiityFibre, Hyperopttic, Gigaclear and Community FIbre Utilise fibre optic technoloy - tiny threads of grass to carry modulated light along exisitng undergroudn pathways **4% of UK businesses now have access to 2 or mroe fibre optic networks**
79
CityFibre
Backed by £4bn from Goldman Sachs; 3rd largest network infastrucutre FTP (Fibre to The Premises) to millions
80
Ofwat regulatory failure
capital investment has fallen since nationalisation (fell by 15% from 2020-21) Only '9% of rivers, lakes and coastal waters meat the minimum 'good ecological status' Borrowed £53 billion used to pay £72 billion in dividends

Theme 1 (29 decks)

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