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Economics Theme 3

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

By: Mitchell Downes
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Decks in this class (20)

Business Growth
Business plan,
Turnover,
Motives for business growth
12  cards
Revenue
Total revenue definition and equa...,
Average revenue definition and eq...,
Marginal revenue definition and e...
5  cards
Production
What happens to factors of produc...,
Total product definition,
Average product definition and eq...
6  cards
Costs
Fixed and variable costs,
Salary,
Wage
7  cards
Profit
Operating profit,
Operating profit margin,
Break even point
9  cards
Market Structure
Market structure,
Key characteristics in market str...,
Monopoly
11  cards
Perfect Competition
Perfect competition,
Features of perfect competition,
Price takes
7  cards
Monopolistic Competition
Monopolistic competition,
Is monopolistic competition the s...,
Assumptions
3  cards
Oligopoly
Oligopoly,
Key characteristics of an oligopo...,
Collusion
14  cards
Monopoly
Monopoly,
Pure monopolies,
Natural monopolies
11  cards
Contestability
Contestable market,
Are firms more likely to earn nor...,
Hit and run competition
4  cards
Business Objectives
Stakeholder,
How do stakeholders affect decisi...,
Business objectives
4  cards
Efficiency
Static efficiency,
Productive efficiency part of sta...,
Allocative efficiency part of sta...
7  cards
Evaluating Competition and Monopoly
Perfect competition in the long run,
How do natural monopolies arise,
How could trademarks and copyrigh...
5  cards
Government Intervention and Product Markets
Profit control,
Nationalisation,
Deregulation
8  cards
Demand for Labour
Demand for labour,
Factors that influence demand for...,
Derived demand
10  cards
Supply for Labour
The supply of labour,
Factors that affect supply of labour,
The backward bending supply curve
12  cards
Wage Determination
How are wages determined,
Current labour market issues,
Minimum wage in the uk
8  cards
Economies of Scale
Economies of scale,
Internal economies of scale facto...,
External economies of scale occur...
3  cards
Monopsony
Monopsony,
Who is monopsonistic markets cont...,
Pros and cons of monopsony
4  cards

More about
Economics Theme 3

  • Class purpose General learning

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