ECON1 Markets In Action

HideShow resource information
View mindmap
  • Econ 1- Markets In Action
    • The Basic Economic Problem
      • Scarce resources but unlimited wants
      • Choice
      • Opportunity  Cost
    • Factors Of Production
      • Land
      • Labour
      • Enterprise
      • Capital
    • Specialisation
      • Divison of Labour
      • Adam Smith
      • Productivity
    • Opportunity Cost
      • The next best alternative  foregone when a choice is made
    • PPF
      • A curve which shows combinations of a good or service
      • Opportunity Cost
      • Using resources efficiently
    • Demand
      • The quantity of a good that consumers are willing and able to buy at the given price level
      • Factors affecting demand
        • income
        • Fashion/Trends
        • Price of subsitutes
        • Price of complements
        • Population
      • Consumer Surplus: difference between price consumers are willing to pay and the price they actually pay.
    • Elasticities
      • PED
        • % change in Q.D/% change in price
        • <-1 Elastic
        • < -1 Inelastic
      • YED
        • Change in income
        • Normal Good= +
        • Inferior Good= -
        • >1 Elastic
        • <1 Inelastic
      • XPED
        • Responsiveness of product x with product y
        • % change in Q.D good  X/ % change in price of good Y
        • above 0 is a close subsitute
        • below 0 is a complement
        • The further the number from 0 the closer the relationship
      • PES
        • Quantity supplied with respect to a change in price
        • >1 elastic
        • <1 inelastic
    • Supply
      • The  quantity the producer is willing to supply at the given price level
      • Factors affecting
        • Subsidy
        • Indirect Tax
        • Future Price
        • Raw Materials
      • Producer Surplus
    • Economies Of Scale
      • Purchasing
        • Buying in bulk
      • Marketing
      • Technological
      • Financial
      • Managerial
      • Dis-economies of scale

Comments

Keval Chavda

Have you made one for Market Failure?

Similar Economics resources:

See all Economics resources »See all Unemployment resources »