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Jack Stevens
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Decks in this class (37)
Economic methodology and the economic problem
Why is economics considered a soc...,
How does economics resemble natur...,
How does economics differ from na...
10
cards
The nature and purpose of economics
What is the central purpose of ec...,
What are the three key economic d...,
What are the four factors of prod...
5
cards
Scarcity, choice and the allocation of resources
What is the fundamental economic ...,
What does scarcity require in ter...,
What is opportunity cost 3
4
cards
Production possibility diagrams
Factors affecting production 1,
What do production possibility di...,
How do production possibility dia...
5
cards
Individual economic decision making
What is utility theory 1,
What is rational economic decisio...,
What is the hypothesis of diminis...
5
cards
Imperfect information
Why is information important for ...,
What is asymmetric information an...
2
cards
Aspects of behavioural economic theory
What is bounded rationality 1,
What is bounded self control 2,
What are rules of thumb in decisi...
8
cards
Behavioural economics and economic policy
What is choice architecture 1,
What is the framing effect 2,
What are nudges in behavioral eco...
5
cards
Price determination in a competitive market
What is demand 1,
What is the law of demand 2,
Why is there a downward slope in ...
7
cards
supply of goods and services
What is supply 1,
What is the law of supply 2,
Why is there a direct relationshi...
6
cards
The determination of equilibrium market prices
What is free market 1,
What is equilibrium 2,
What is the price mechanism acron...
8
cards
The interrelationship between markets
What is joint demand 1,
Give an example and explanation o...,
How do changes in one market affe...
11
cards
Price, income and cross elasticities of demand
What is ped 1,
What is the formula of ped and wh...,
What is the acronym and factors a...
21
cards
Production, costs and revenue
What are the three types of produ...,
What is the definition of product...,
What is the definition of product...
7
cards
Specialisation, division of labour and exchange
What are the benefits of speciali...,
Why does specialisation necessita...,
What are the advantages and disad...
4
cards
The law of diminishing returns and returns to scale
What is the difference between th...,
What is the difference between ma...,
What is the law of diminishing re...
5
cards
Costs of production
What is the difference between fi...,
What is the difference between ma...,
What are the reasons for the shap...
5
cards
Economies and diseconomies of scale
What is the difference between in...,
Factors that contribute to diseco...,
What is the relationship between ...
7
cards
Marginal, average and total revenue
What is the difference between ma...,
Why is the average revenue curve ...,
What is the relationship between ...
4
cards
Profit
What is profit 1,
What is the difference between no...,
What is the role of profit in a m...
3
cards
Technological change
What is the difference between in...,
How can technological change affe...,
How can technological change lead...
5
cards
Market structures
What is the spectrum of competiti...,
What factors distinguish differen...
2
cards
The Objectives Of Frims
What is the traditional assumptio...,
What is the profit maximizing rul...,
What are the reasons for and cons...
5
cards
Perfect Competition
What is the formal diagrammatic a...,
How do large numbers of producers...,
Why are firms operating in perfec...
4
cards
Monopolistic competition
What is the formal diagrammatic a...,
What are the main characteristics...,
How do firms in monopolistically ...
6
cards
Oligopoly
What are the main characteristics...,
How do concentration ratios relat...,
What is the difference between co...
11
cards
Monopoly and monopoly power
What is the monopoly model and ho...,
What factors influence a firm s m...,
Advantages of monopolies 3
9
cards
Price discrimination
What is price discrimination 1,
What are the necessary conditions...,
What is first degree price discri...
8
cards
The dynamics of competition and competitive market processes
What are the short run benefits o...,
What are the long run benefits of...,
What is non price competition 3
4
cards
Contestable and non-contestable markets
What defines a contestable market 1,
What characterizes a contestable ...,
What characterizes a non contesta...
10
cards
Market structure, static efficiency, dynamic efficiency and resource allocation
What is static efficiency 1,
What is dynamic efficiency 2,
What is productive efficiency 3
5
cards
Consumer and producer surplus
What is consumer surplus 1,
What is producer surplus 2,
How do consumer and producer surp...
5
cards
The demand for labour, marginal productivity theory
What is the elasticity of demand ...,
What affects elasticity of labour...,
What is meant by the derived dema...
7
cards
Influences upon the supply of labour to different markets
What are the monetary factors tha...,
What non monetary factors affect ...,
How does the labor supply curve i...
6
cards
The determination of relative wage rates and levels of employment in perfectly competitive labour markets
What defines a perfectly competit...,
Blank 2
2
cards
Public ownership, privatisation, regulation and deregulation of markets
What is public ownership 1,
What are the advantages of public...,
What are the disadvantages of pub...
15
cards
Government intervention in markets
How does the existence of market ...,
How do governments influence the ...,
Blank 3
3
cards
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