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Micro

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

By: Niamh Gwilym
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Decks in this class (18)

Types of Efficiency
Productive efficiency,
Allocative efficiency,
X efficiency
7  cards
Business Objectives
Benefits of profit maximisation,
Benefits of sales maximisation,
Why maximise sales
4  cards
Costs
What are fixed costs,
What are variable costs,
What are total costs
8  cards
Economies of Scale
What are economies of scale,
What are internal economies of scale,
What are external economies of scale
7  cards
Revenue
What is total revenue,
What is average revenue,
What is marginal revenue
3  cards
Profit
What is profit,
What is normal profit,
What is supernormal profit
8  cards
Perfect Competition
What is perfect competition name ...,
Explain the lrpc diagram,
Efficiency in pc
8  cards
Monopolistic Competition
What are the qualities of a monop...,
Explain short run monopolistic co...,
Explain long run monopolistic com...
6  cards
Oligopoly
What are the features of an oligo...,
How do firms in an oligopoly compete,
Factors that determine oligopoly ...
13  cards
Monopoly
Factors of a monopoly,
Explain the monopoly diagram,
Disadvantages of a monopoly
5  cards
Price Discrimination
What is 1st degree price discrimi...,
What is 2nd degree price discrimi...,
What is 3rd degree price discrimi...
5  cards
Contestable Markets
What are the factors of a contest...,
What is hit and run competition,
Pros and cons of contestable markets
8  cards
Labour Markets
Factors affecting labour producti...,
Factors that determine demand for...,
What determines the elasticity of...
4  cards
Market Failure in Labour Markets
What is monopsony
1  cards
Government intervention to correct market failure
One way of correcting market fail...,
Tax pros and cons,
What is a subsidy
5  cards
Market Failure
Define market failure,
How can market failure occur,
What are the factors of a public ...
15  cards
Government Failure
What is government failure,
What causes government failure
2  cards
Privatisation
What is privatisation,
Benefits of privatisation,
Issues with privatisation
3  cards

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Micro

  • Class purpose General learning

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