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Josh Sandhu
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Decks in this class (20)
The Three Efficiencies
Productive efficiency,
Pareto efficiency,
Allocative efficiency
3
cards
Interrelated Markets
Define derived,
Define subsitutes,
Define complements
5
cards
Scarcity (1)
Opportunity cost,
What s the basic economic problem,
Factors of production
3
cards
PPF Curve (2)
What does ppf curve stand for,
Ppf definition,
The opportunity cost of a ppf
4
cards
Business Objectives (CH 2)
Profit maximisation,
Sales maximisation,
Customer satisfaction
10
cards
Stakeholder (CH 3)
Primary stakeholders,
Primary stakeholders,
Secondary stakeholders external
7
cards
Entrepeneurs Role (CH 4)
What is the role of an entrepeneur,
Allocate rescources,
Job creation
4
cards
Why start a Business? (CH 5)
Why do people start businesses
1
cards
Market Equalibrium (5)
Define a free market,
Where is equalibrium,
Where is disequalibrium
4
cards
Specialisation (CH6)
Define specialisation,
Define division of labour,
Specialisation dis
4
cards
How does Economic Change affect Business? (CH7)
0
cards
Demand (CH 8)
Define demand,
State the law of demand,
Pasific
3
cards
Supply (CH 9)
Supply definition,
State the law of supply,
Why is it that when quantity incr...
6
cards
Consumer and Producer Surplus
Define consumer surplus,
On a graph where is the cs,
Define producer surplus
5
cards
Price Elasticity of Demand (PED) (10)
Define ped,
Inelastic and elastic ped s,
Ped formula
9
cards
Price Mechanism (CH11)
Signalling 1,
Incentives 2,
Rationing 3
4
cards
Understanding Consumers (CH 12)
0
cards
How do Firms Compete (CH13)
0
cards
Role of Banks? (CH14)
1
cards
Price Elasticity of Supply (PES) (12)
Define pes,
Pes formula,
Supply elastic and inelastic
4
cards
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Econ Theme 1
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