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Microeconomics - Year 2

This class was created by Brainscape user Unknown Unknown. Visit their profile to learn more about the creator.

By: Unknown Unknown
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Decks in this class (18)

Sizes & Types of firms 3.1.1
Reasons why firms stay small,
Reasons why firms grow,
Define the principal agent problem
4  cards
Business Growth 3.1.2
Define organic growth,
Define inorganic growth,
What are the 4 types of inorganic...
18  cards
Demergers 3.1.3
What are the 4 reasons for a deme...,
Cons of demerging,
Pros of demerging to workers
7  cards
Business objectives 3.2.1
What are the 4 main influences of...,
Where does revenue maximisation o...,
Where does sales maxmisation occur
5  cards
Revenue 3.3.1
Total revenue formula,
Average revenue formula,
What is marginal revenue
7  cards
Costs 3.3.2
Define production in sr,
Define production in lr,
Define fixed costs
28  cards
Profit 3.3.4
Where does normal profit occur,
Where does losses occur,
Where does supernormal profit occur
8  cards
Efficiency 3.4.1
What are the 4 types of efficiency,
What is productive efficiency and...,
What is allocative efficiency and...
5  cards
Perfect Competition 3.4.2
What are the key features of perf...,
Advantages of perfect competition...,
Disadvantages of perfect competit...
7  cards
Monopolistic Competition 3.4.3
Define monopolistic competition,
What are the key features of mono...,
In the long run monopolistic firm...
6  cards
Oligopoly 3.4.4
What are the key features of an o...,
Overt collusion,
Tacit collusion
13  cards
Monopoly 3.4.5
Monopoly,
Legal monopoly,
3 monopoly assumptions
23  cards
Monopsony 3.4.6
Define a trade union,
Define a monopsony,
What 4 ways are used to combat mo...
11  cards
Contestability 3.4.7
Define constestability,
What are the 4 characteristics of...,
What is hit and run competition
5  cards
Demand for labour 3.5.1
What 3 factors affect elasticity ...,
Define labour substitutability,
In markets where workers are easy...
5  cards
Supply of labour 3.5.2
What 3 factors determine the supp...,
If lots of skils are needed in th...,
If unemployment is high the suppl...
8  cards
Wage Determination in Competitive & Non-competitive Markets 3.5.3
What factors shift t,
Define non pecuniary benefits,
What are the 6 current labour mar...
5  cards
Government Intervention 3.6.2
What are the different types of p...,
Why would the cma investigate a m...,
What are the 2 types of price caps
25  cards

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Microeconomics - Year 2

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