This class was created by Brainscape user Libby Marie. Visit their profile to learn more about the creator.
By:
Libby Marie
- decks
- flashcards
- learners
Decks in this class (22)
1.1.1 the economic problem
What is the basic economic problem 1,
What does scarcity refer to 2,
What is opportunity cost 3
5
cards
1.1.2 business objectives
What are some different business ...,
What is the formula for profit 2,
When do firms break even 3
13
cards
1.1.3 stakeholders and their objectives
What is a stakeholder 1,
What are some possible stakeholde...,
What is the principal agent probl...
5
cards
1.2.1 role of an entrepreneur in the economy
What is creative destruction 1,
Who proposed the idea of creative...,
What is the role of an entreprene...
5
cards
1.2.3 factors of production
What are the 4 factors of product...,
What is physical capital 2,
What is fixed capital 3
6
cards
1.2.4 specialisation
What is specialisation 1,
Who famously stated the concept o...,
What are the advantages of specia...
4
cards
1.2.5 the wider economic environment
What does an increase in interest...,
What are indirect taxes 2,
Where does incidence of indirect ...
8
cards
1.3.1 demand
What is effective demand 1,
What is individual demand 2,
What is market demand 3
13
cards
1.3.2 supply
What is individual supply 1,
What is market supply 2,
What are the 3 types of supply 3
15
cards
1.3.3 price determination
Why does supply of food tend to b...,
What is the wealth effect 2,
What is thought to happen due to ...
5
cards
1.3.4 price mechanism
What does the price mechanism do ...,
What economic problem does price ...,
What are the 3 different price me...
9
cards
1.3.5 understanding the consumer
What is primary research 1,
What are the benefits of primary ...,
What are the negatives of primary...
12
cards
1.3.6 the competition
What does a market map illustrate 1,
What are some possible dimensions...,
How can a firm gain a competitive...
9
cards
1.4.1 role of banks in the economy
What happens when inflation rate ...,
What is the main source of income...,
How do banks create credit 3
9
cards
1.4.2 risk and liability
Why do banks face risks when lend...,
What is unlimited liability 2,
What is limited liability 3
4
cards
1.4.3 types and sources of credit + impact of credit within the economy
What are some types of finance 11 1,
What is a loan 2,
What is an advantage of a loan fo...
22
cards
1.5.1 market failure and externalities
What are private costs 1,
How are social costs calculated 2,
What are external costs shown by ...
12
cards
1.5.2 government intervention and failure
Why do governments intervene in t...,
What are some methods of governme...,
What positive externalities does ...
7
cards
1.6.1 revenue and costs
How is total revenue calculated 1,
How is average revenue calculated 2,
What is marginal revenue 3
9
cards
1.6.2 relationship between revenue and costs
What is contribution 1,
What is the formula for contribut...,
What is the formula for break even 3
6
cards
1.6.3 profits and loss
How does profit act as a signal i...,
What is a statement of comprehens...,
How is gross profit calculated 3
10
cards
More about
theme 1; markets, consumers and firms
- Class purpose General learning
Learn faster with Brainscape on your web, iPhone, or Android device. Study Libby Marie's theme 1; markets, consumers and firms flashcards now!
How studying works.
Brainscape's adaptive web mobile flashcards system will drill you on your weaknesses, using a pattern guaranteed to help you learn more in less time.
Add your own flashcards.
Either request "Edit" access from the author, or make a copy of the class to edit as your own. And you can always create a totally new class of your own too!
What's Brainscape anyway?
Brainscape is a digital flashcards platform where you can find, create, share, and study any subject on the planet.
We use an adaptive study algorithm that is proven to help you learn faster and remember longer....
Looking for something else?
Theme 1 17/18
- 53 decks
- 779 flashcards
- 89 learners
Decks:
11b Dynamic, 11c New Business, 11d Creative Thinking, And more!
Consumer Behavior
- 20 decks
- 553 flashcards
- 74 learners
Decks:
Chapter 1, Chapter 2, Chapter 3, And more!
► German Vocab 1
- 43 decks
- 13451 flashcards
- 8300 learners
Decks:
Business, Employment, Finance, And more!
