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Economics - Theme 3 (Micro Economics)

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

By: Henry Shadrack
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Decks in this class (19)

3.1.1 - Sizes and Types of Firms
Reasons for large firms, reasons for small firms, divorce of ownership and control, public and private sector organisations, profit and not-for-profit organisations.
23  cards
3.1.2 - Business Growth
How Businesses Grow, Advantages and Disadvantages of Organic Growth, Types of Inorganic Growth
21  cards
3.1.3 - Demergers
Reasons for Demergers, Impact of Demergers
5  cards
3.1.4 - Business Objectives
Normal Profit Vs. Supernormal profit, Why might firms not profit maximise, what other objectives may be pursued,
42  cards
3.1.5 - Revenue
Formula for Revenue, Types of Revenue
21  cards
3.1.6 - Costs
Blank 1,
What is the definition of the sho...,
What are fixed factors in the sho...
25  cards
3.1.7 - Economies and Diseconomies of scale
What happens when a firm increase...,
Can a change in the scale of prod...,
What are returns to scale 3
45  cards
3.1.8 - Profits and Losses
What is profit 1,
Where does profit maximization oc...,
What is normal profit 3
15  cards
3.1.9 - Efficiency
What is static efficiency 1,
What types of efficiency are stat...,
What is dynamic efficiency 3
28  cards
3.1.10 - Perfect Competition
What is a defining characteristic...,
How does the number of buyers and...,
What is the significance of barri...
50  cards
3.1.11 - Monopolistic Competition
0  cards
3.1.12 Oligopoly
What is the definition of an olig...,
What is a key characteristic of f...,
What must a firm in an oligopoly ...
13  cards
3.1.13 - Monopoly
0  cards
3.1.14 - Monopsony
What is a monopsony 1,
What indicates monopsony power in...,
How does the proportion of market...
23  cards
3.1.15 - Contestability
What is contestability in a market 1,
What characterizes a perfectly co...,
According to contestability theor...
63  cards
3.1.16 - Demand for Labour
0  cards
3.1.17 - Supply of Labour
What does the individual supply c...,
What is the opportunity cost of w...,
What two effects occur when the r...
40  cards
3.1.18 - Wage Determination in Comp. and Non-Comp. Markets
What are the characteristics of a...,
In a perfectly competitive labour...,
What determines the equilibrium r...
76  cards
3.1.19 - Government Intervention
What is government intervention 1,
What is the role of the competiti...,
What outcomes does the competitio...
130  cards

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Economics - Theme 3 (Micro Economics)

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