Micro Examples for literally everything (A* Content) Flashcards
Basic Economic Problem
Water Scarcity:
India, South Africa, Middle East
Food Scarcity Worldwide
Demand Shift Right
Spanish Holidays demand increasing
Commodities Oil
Loungewear during COvid
Demand Shift Left
Student Housing - as it gets more expensive
Print Newspapers
Supply shift right
Subsidisation of Indian Gas, fuel, rice
Air Travel
Supply Shift Left
Fizzy Drinks from the sugar tax
Gas/Electricity supply
PED Inelastic
Addictive: Cigs, Alcohol, Sugary Drinks, Fast Food
Necessity: Public Transport, IPhone
PES Inelastic
Basic Commodities
GAs Electricity
Housing
HEathrow/Gatwick
XED Complements
Nepresso Machines/Capsules
Printers/Ink
Games Consoles/Games
XED Substitutes
Fast Food Burgers
YED Normal Goods
Restaurant DIning
Holidays
Designer
Theatre
YED Inferior Goods
Fast Food
Public Transport
Staycation
Own Brand items
Obesity Market Failure
20% of all 10-11 year olds are obese
25% adults obese
Cost to NHS of obesity
£16bn cost NHS a year
Sugar Tax impact
Cut sales by around 10% in the first year
PED of Cigarettes
-0.8 to -0.6
Cost of Cigarettes to the NHS
£3-6bn a year
Cost of Alcholic Drinks to NHS and general society
NHS £3-5 billion
Soceity £21 billion for police and more
PED Beer
-0.3 and -0.7
but wine and spirits are more elastic (goes beyond 1)
Gambling cost to society
£1.2 billion - anxiety, crime, depression
Cost of Road COngestion to UK society
Lost output and productivity costed £20 billion a year
Air pollution compared to Sweden and US
64 times more likely to die of air pollution than Sweden and twice than US
Cost of providing education + Health
£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
Public Goods
Flood Defences, Roads, Bridges, Beaches, Traffic Sings, Street Lights
Regulation
Ban on Smoking Advertising
Ban on refilling sugary drinks (France)
Forced negative advertising on cigarettes
Traffic Light System
Fishing Quotas in EU
Alcohol minimum price in Scotland
10% fall
Maximum price cap
Energy price cap by Theresa May
Perfect Competition
Market Stalls, Tuk Tuks
Monopolisitic Competition
Taxis, Clothing, Restaurants, Hotles, Coffee Shops, Hairdressers
Oligopoly (competitive)
Supermarkets, Soft Drinks, Car, Mobile Phones
Oligolpoly (non-competitive)
Energy, Supermarket, US Domestic Airline
Monopoly Power
Google Search - 93%
Durex - 80%
Merlin Attractions
3rd Degree Price Discrimination
Rail, Airlines, Uber, Hotels