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Year 2 - Micro

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

By: Unknown Unknown
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Decks in this class (16)

3.1.1 Sizes and types of firms
Reasons firms stay small,
Reasons firms grow,
Divorce of ownership control
7  cards
3.1.2 Business Growth
Organic growth,
Organic growth advantages,
Organic growth disadvantages
14  cards
3.1.3 Demerges
Demerges,
Reasons for demerges,
Impacts of demerge on the firm
5  cards
3.2.1 Business Objectives
What are the 3 main business obje...,
Why do firms profit maximise,
Profit maximisation rule
13  cards
3.3.1 Revenue
Total revenue definition and formula,
Average revenue is the overall re...,
Marginal revenue
4  cards
3.3.2 Costs
Fixed costs,
Variable costs,
Marginal cost
9  cards
3.3.3 Economies & Diseconomies of Scale
Economies of scale,
Diseconomies of scale,
Types of internal economies of scale
13  cards
3.3.4 Normal Profits, Supernormal Profits & Losses
Explicit costs,
Implicit costs,
Rational resource allocation
9  cards
3.4.1 Efficiency
Allocative efficiency,
Productive efficiency,
Dynamic efficiency
4  cards
3.4.2 Perfect Competition
Perfect competition characteristics
1  cards
3.4.3 Monopolistic Competition
Monopolistic competition characte...,
Monopolistic competition market p...,
Why do firms in monopolistic comp...
4  cards
3.4.4 Oligopoly
Oligopoly definition,
Oligopoly characteristics,
Concentration ratio
12  cards
3.4.5 Monopoly
Monopoly,
Monopoly characteristics,
Price discrimination
13  cards
3.4.6 Monopsony
Monopsony,
Monopsonistic characteristics,
Monopsony advantages to
4  cards
3.5.1 Demand for labour
Derived demand,
Factors that influence the demand...
2  cards
3.5.2 Supply of Labour
Factors influencing the supply of...,
Market failure in labour markets
2  cards

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Year 2 - Micro

  • Class purpose General learning

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