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Tom Marsh
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Decks in this class (29)
Basic economic problem
Scarcity 1,
Needs 2,
Wants 3
9
cards
Production possibility Frontiers (PPF)
Ppf 1,
Causes of outward shift in ppf 2,
Causes of inward shift of ppf 3
5
cards
Demand
The concept of utility 1,
Total utility 2,
Marginal utility 3
9
cards
Supply
Supply 1,
Supply curve 2,
What determines the level of supp...
6
cards
Consumer and producer surplus
Consumer surplus 1,
Producer surplus 2
2
cards
Price elasticity of demand (PED)
Ped 1,
Calculation 2,
What determines ped 3
5
cards
Price elasticity of supply (PES)
Pes 1,
Pes calculation 2,
Interpreting pes results 3
18
cards
Functions of the price mechanism
Adam smiths invisible hand 1,
The price mechanism 2,
Price mechanisms three main funct...
14
cards
Application of S/D
Commodities 1,
Top 15 traded commodities 2,
The tin market 3
4
cards
Housing market
What is the housing market 1,
House prices 2
2
cards
Market failure
Economic efficiency 1,
Allocative efficiency 2,
Productive efficiency 3
34
cards
Merit and Demerit Goods
Merit goods 1,
Examples of merit goods 2,
Education health care as merit go...
6
cards
Public goods
Public goods 1,
Main charteristsics 2,
Non excludibility 3
17
cards
Specialisation and the division of labour
Specialisation 1,
Where does specialisation occur 2,
Arguments for specialisation 3
7
cards
Production and productivity
Production and productivity 1,
Factors of production factor inpu...,
Capital goods 2
7
cards
Technological change
How technology changes business m...,
Innovation and creative destructi...,
Disruptive technology 3
17
cards
Theory of film
The production function 1,
Short run theory of production 2,
Cost of production 3
6
cards
Revenue
Revenue 1,
Total revenue 2,
Average revenue 3
5
cards
Government failure
Government failure 1,
Causes 2,
Inadequate information 3
6
cards
Monopoly and monopoly power
Monopoly power in markets 1,
Monopoly power in markets 2,
Sources of monopoly power 3
23
cards
Market structure
Market structure 1,
Number of firms 2,
Barriers to entry 3
9
cards
Perfect competition
Assumptions of a perfectly compet...,
Homogenous products 2
2
cards
Monopolistic competition
Characteristics to monopolistic m...,
Monopolistic competition efficien...,
Concentration ratio 3
3
cards
Price discrimination
Price discrimination 1,
Price discrimination in action 2,
Dynamic pricing 3
12
cards
Oligopoly
Characteristic of an oligopoly 1,
Oligopoly 2,
Basics of an oligopoly 3
42
cards
Privatisation
Privatisation definition 1,
Nationalisation definition 2,
What is privatisation 3
13
cards
Labour market
Demand for labour 1,
Factors that shift demand for lab...,
Factors causing shifts in the dem...
24
cards
The distribution of income and wealth
Wealth v income 1,
Marketable wealth 2,
Non marketable wealth 3
21
cards
Behavioural economics
Behavioural economics 1,
Rational economic decision making 2,
Social factors affecting demand 3
17
cards
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A level Microeconomic (AQA)
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