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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
Q

Alcohol minimum price in Scotland

A

10% fall

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26
Q

Maximum price cap

A

Energy price cap by Theresa May

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27
Q

Perfect Competition

A

Market Stalls, Tuk Tuks

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28
Q

Monopolisitic Competition

A

Taxis, Clothing, Restaurants, Hotles, Coffee Shops, Hairdressers

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29
Q

Oligopoly (competitive)

A

Supermarkets, Soft Drinks, Car, Mobile Phones

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30
Q

Oligolpoly (non-competitive)

A

Energy, Supermarket, US Domestic Airline

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31
Q

Monopoly Power

A

Google Search - 93%
Durex - 80%
Merlin Attractions

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32
Q

3rd Degree Price Discrimination

A

Rail, Airlines, Uber, Hotels

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33
Q

Natural Monopoly

A

Rail, Infastructture, Utilities

34
Q

Contestable Markets

A

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

35
Q

Loss Making Companies

A

Blackberry, Prezzo

36
Q

Economies of Scale

A

Energy, Supermarkets, Airlines, Tech Firms, Online Retailers

37
Q

Profit Maximisation

A

Pharmaectuicals, Electronics

38
Q

Sales Max (growth max)

A

Costa (UK) Netfllix, Amazon, Spotify

39
Q

CSR

A

Disney, Starbucks (suppliers pay), Microsoft (Gates Foundation), Lush (no animal testing)

40
Q

RPI

A

Trains, Gatwick

41
Q

RPI - X

A

Heathrow landing charges

42
Q

RPI -/+ K

43
Q

Quality Control

A

Railways (lateness), Internet (speeds), Energy (can’t cut vulnerable)

44
Q

Merger Regulation

A

Activision and Blizzard stopped

45
Q

Privatisation

A

Royal Mail 2013
Railways 1992

46
Q

Deregulation

A

Airlines 1990s

47
Q

Nationalisation

A

Proposed nationalisation of railways, energy and royal mail

48
Q

Demand for Labour increasing

A

Pilors, Child Minders, APp Developers

49
Q

Demand for Labour decreasing

A

Bank Clerks, Advertising Agency (due to increasing costs)

50
Q

WED Labour Inelastic

A

Premier League Footballers, Plumbers, Electricians

51
Q

WED Labour Elastic

A

Call Centre

(tech and big cosst)

52
Q

Supply of Labour left

A

low skilled work after brexits

53
Q

WES Labour - inelastic

A

Doctors, ENgineers, Accountants, Pilots, Lawyers

54
Q

WES Labour - Elastic

A

Travel Agents, Waitress, Driving Instructors

55
Q

Monopsony Employer

A

NHS, State Schools, Walmart, McDonalds

56
Q

Policies to Redistribute Income

A

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
Q

What is the CMA investigating about fuel

A

IF petrol and diesel prices are too slow to fall when wholesale prices fall

58
Q

How does the market structure of fuel contribute to sticky prices

A

Kinked Demand Curve -predicts sticky prices

59
Q

Example of agglomeration external economies of scale

A
  1. Silicon Valley, California
  2. Napa Valley California (winemaking)
  3. Financial Services in the City of London
60
Q

Examples of economies of scale that larger hotel chains in the UK benefit from

A
  1. Bulk Purchasing
  2. Technology - invest in centralised reservation systems
  3. Marketing and Branding
61
Q

Monopoly Power and Insulin Prices

A

Marginal Cost around $4 (according to American Medical Association)

Average Price of a vial of insulin is $540 in 2019

62
Q

Market Share of Insulin Manufacturers

A

Eli Lilly: 46%
Novo Nordisk: 31%
Sanofi: 23%

3 firm concentration ratio of 100%

63
Q

Why are insulin prices so high in the US?

A
  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
Q

Why are insulin prices lower in the EU?

A
  1. Price Regulation for insulin
  2. Monopsony Power Eu negotiates prices for member states
  3. Patent Lws in the US are longer
65
Q

Bidens price cap and pressure

A

price cap for elderly on state program

Eli Lily cut insulin prices by 70%

66
Q

How does Ryanair improve profitability

A
  • 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
Q

How does Ryanair increase it’s load factor

A

Utilising dynamic pricing to fill as many seats as possible

2018 - 96% of flights full

68
Q

Deregulation of Parcel Services

A

Royal Mail lost legal monopoly, increased compeition has led to an increase in the number of parcel delivery companies

69
Q

Rise of Challenger Banks

A

Monzo: digital-only bank offers currenty accounts, credit cards and personal loans

Revolut: digital only bank

Starling Bank and Atom Bank

70
Q

State owned industries in the UK

A

Network Rail
Channel 4
National Air Traffic Service
Ordnance Survey
NHS

71
Q

Network Rail

A

Responsible for maintaining and operating the rail infastrucutre in the UK

72
Q

NATS

A

Public-Private parnetship in managing safe and efficient flow of air traffic in UK airspace

73
Q

Telecoms Market Share

A

BT, Sky and Virgin Media top 3 control 75%

74
Q

2020 Virgin Media and 02 merger

A

combine 2nd largest broadband network with it’s largest mobile operator

75
Q

How do telecoms compete

A
  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
Q

Broadband and universal credit

A

Heavily discounted prices around (15-20) compared to average of £79

77
Q

Telecom infastructure providers

A

Mostly Virgin and BT

78
Q

Alt-nets

A

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
Q

CityFibre

A

Backed by £4bn from Goldman Sachs; 3rd largest network infastrucutre

FTP (Fibre to The Premises) to millions

80
Q

Ofwat regulatory failure

A

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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