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Unknown Unknown
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Decks in this class (20)
1.1.1 Economics as a social science
Economists need to make assumptions,
What type of science is economics
2
cards
1.2.1 Rational Decision Making
What is neo classical theory,
A key assumption of neo classical...,
Limitations of the assumption of ...
3
cards
1.2.2 Demand
What is demand,
Demand and price movements,
Conditions of demand shifts
8
cards
1.2.3 Elasticities of Demand
Price elasticity of demand,
Income elasticity of demand,
Cross elasticity of demand formula
13
cards
1.2.4 Supply
What is supply,
Why are supply curves upward sloping,
Movements of supply
5
cards
1.2.5 Elasticity of Supply
Price elasticity of supply formula,
Numerical values,
Factors affecting pes
3
cards
1.2.6 Price Determination
What is the equilibrium price,
Excess demand,
Excess supply
5
cards
1.2.7 Price Mechanism
What is the price mechanism,
Functions of the price mechanism,
The price mechanism in context of...
5
cards
1.3.1 Market Failure
What is market failure,
Partial complete market failure a...,
Types of market failure
3
cards
1.3.2 Externalities
Externalities,
Private social and external costs,
Where is the socially optimum pos...
8
cards
1.4.1 Government Intervention In Markets
Why do the intervene,
Indirect taxes,
Indirect taxes diagrams
16
cards
1.4.2 Government Failure
Government failure,
Distortion of price signals,
Unintended consequences
5
cards
3.1.2 Business Growth
Reasons for growth,
Organic growth,
Organic growth adv disadv
10
cards
3.2.1 Business Objectives
Firms motives are determined by w...,
Profit maximisation,
Profit maximisation diagram
8
cards
3.3.1 Revenue
Types of revenue,
Price elasticity and revenue part 1,
Price elasticity and revenue part 2
4
cards
3.3.2 Costs
T,
Total costs,
Average costs
12
cards
3.3.3 Economies and Diseconomies of Scale
Economies of scale,
Diseconomies of scale,
The minimum efficient scale
6
cards
3.3.4 Normal Profits, Supernormal Profits and Losses
Profit maximisation,
Normal supernormal profits losses,
Short run and long run shutdown p...
4
cards
3.4.1 Efficiency
Efficicency,
Productive efficiency,
Dynamic efficiency
4
cards
3.4.4 Oligopoly
Characteristics of oligopoly,
Calculation of n firm concentrati...,
Collusion
13
cards
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Economics Paper 1
- Class purpose General learning
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