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edexcel economics (all themes) > Microeconomic Application > Flashcards

Microeconomic Application Flashcards

1
Q

The basic economic problem

A 
Water shortage (India / China)
Food scarcity
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2
Q

Demand shift right

A

Spanish holidays
Commodities (oil)
Low / no alcohol drink

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3
Q

Demand shift left

A

Student house as costs of uni are up
Pink papers
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, due to sugar tax
ice cream (vanilla)
Gas / electricity

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6
Q

PED inelastic

A

Cigarettes, alcohol, sugary drinks, fast food
Public transport
Iphone 10
Basic commodities

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7
Q

PEs ineastic

A

Basic commodities
Hethrow / Gatwick flights
Housing

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8
Q

XED complements

A

Nepresso machine and capsules

Printers and ink

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9
Q

XED subsitutues

A 
Fast food (burgers)
Smartphones
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10
Q

Normal goods (YED)

A

Restaurant dining, foreign holidays
designer clothing, theatre
housing renevations

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11
Q

Inferior goods (YED)

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

Deforestation

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13
Q

Postive externalities in production

A

In work training
R and D
Childcare

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14
Q

Negative externalities in consumption

A

Cigarettes, alcohol, excessive sugar intake, chewing gum

Sunbeds, red meat

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15
Q

Positive externalities in consumption

A

Vaccinations, healthcare, education

Public transport, excersise

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16
Q

Public goods

A

food defences, roads, bridges, beaches
national parks, road signs
Street lights

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17
Q

Common access resources

A

seas, air, forest

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18
Q

Perfect competiton

A

market stalls, tuk tuks

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19
Q

Highly competitive market

A

Fast food (USO
Cars (EU)
Supermarkets (UK)

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20
Q

Monopolistic competition

A

taxis, clothing, restaurants, hotels

Streaming, coffee shops

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21
Q

Competitive oligopoly

A

Super markets, soft drinks, cars, mobile phones

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22
Q

Non-competitive oligooly

A

Energy, fuel, buses

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23
Q

Monopoly power

A

google search, durex (80%), merlin attractions
Stage coach, UPS (36%), VW (26%(
Tesco (28%)

24
Q

Price descrimination

A

Amazon

Rail, airline, ubers (surge pricing

25
Q

Nation monpoly

A

network rail, utilities, post

26
Q

Contestable markets

A

Taxis, hotel, fast food, airline, streaming

27
Q

Loss making companies

A

Blackberry, Toys r Us, New look

28
Q

Economies of scale

A

energy, supermarkets, technology firms, online retailers

29
Q

Profit maximisation

A

Pharmaceuticals, electronics (large amount of reinvestment)

30
Q

Sales maximisation

A

Costa (UK), Netflix, Amazon, Spotify

31
Q

Corporate social responsibility

A

Disney, starbucks, microsoft, body shop, ben and jerries

32
Q

Monopoly regulation RPI - x

A

hethrow landing charges

33
Q

Monopoly regulation RPI + k

A

water, rail providers

34
Q

Mergers

A

N power / SSE

35
Q

Monopoly regulation policy merger

A

Sainsburys and Asda

36
Q

Priviisation

A

Royal mail (2013)

37
Q

Deregulations

A

Buses (1970s)

38
Q

Nationalisation

A

proposed by labour party

39
Q

Demand for labour shift right

A

pilots, air traffic controllers, child minders, app developers

40
Q

Demand for labour shift left

A

Bank clerks, advertising agencys

41
Q

WED Labour inelastic

A

Premier league footballers, layer

Plumbers, electricians

42
Q

WED Labour elastic

A

call centre callers

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, lawyers

46
Q

WES labour elastic

A

Travel agents, waitresses, driving instructors

47
Q

Monopsony employment

A

NHS, State schools, walmart, McDonolds

48
Q

Minimum wage

A

£7.83

49
Q

UK gini coefficient

A

0.34

50
Q

Policies in UK to redistribute income

A 
Tax rich (labour and Australia) 
Transfer payments
Gov spending on education and health
Increase NMW
Northen powerhouse
51
Q

Indirect tax

A

Cigarette tax, alcohol tax, sugar tax and carbon tax

Debated coffee cups tax

52
Q

Subsidy

A

Electric cars, solar panels, public transport

R and D, in work training, adult training

53
Q

Regulation

A 
Bans: smoking advertising
Age limits
Compulsory regulation: nutrition information
Quotoas (fishing)
Innovation regualtion
54
Q

State provision

A

NHS, state schools (UK)

55
Q

Tradable pollution permits

A

Kyoto protocol, ETS (UK)

56
Q

Minimum price

A

Alcohol Scotland (50p)

57
Q

Maximum price

A

NYC rent control
Energy price cap
Food veeswalia

edexcel economics (all themes) (5 decks)

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