Mind Map by lazybonezzz, updated more than 1 year ago
Created by lazybonezzz over 6 years ago


International Baccalaureate Diploma Economics HL (Microeconomics) Mind Map on Microeconomics, created by lazybonezzz on 09/24/2013.

Resource summary

1 Demand, supply, equlibrium
1.1 Elasticities
1.1.1 Income elasticity of demand
1.1.2 Price elasticity of supply
1.1.3 Price elasticity of demand
1.1.4 Cross-price elasticity of demand
1.2 Law of
1.2.1 demand
1.2.2 supply
1.3 Determinants of
1.3.1 demand
1.3.2 supply
1.4 Market Efficiency
1.4.1 Allocative efficiency
1.4.2 Price rationing
2 Government intervention
2.1 Indirect taxes
2.1.1 tax imcidence consumer surplus producer surplus
2.1.2 government revenue
2.2 Subsidies
2.2.1 effects on government and producers
2.3 Price controls
2.3.1 Maximum/ price ceiling shortage
2.3.2 Minimum/ price floor surplus
3 Market Failures
3.1 Positive externalities
3.1.1 production
3.1.2 consumption
3.2 Negative externalities
3.2.1 production
3.2.2 consumption
4 Theory of firms
4.1 market structure
4.1.1 perfect competition
4.1.2 monopoly government intervention and approval
4.1.3 oligopoly
4.1.4 monopolisitc competition
4.1.5 market failure
4.1.6 comparing different market structures
4.2 costs, revenues, prdfit
4.2.1 breakeven point normal profit long -run for perfect competitors AR=ATC
4.2.2 profit maximization point short-run for perfect competitors monopoly supernormal profit MR=MC
4.2.3 shut-down point P<AVC loss-minimizing
4.2.4 diagrams and calculations
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