Microeconomics

lucyhacking
Mind Map by , created almost 6 years ago

A Levels Economics (Microeconomics) Mind Map on Microeconomics, created by lucyhacking on 12/02/2013.

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lucyhacking
Created by lucyhacking almost 6 years ago
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1 Production Possibility frontier
1.1 Shows the maximum quantities of different combinations of output of 2 products
1.2 Shift to the right
1.2.1 More resources or economic growth
1.2.2 Technological change-advances
2 Demand
2.1 Demand curve
2.1.1 Shows relationship between price and quantity
2.1.2 Price(Y) Quantity(X)
2.1.3 Market demand curve linear=straight line
2.1.4 Movement along the demand curve= response to a change in price of product
2.2 Determinants by demand
2.2.1 Consumer income
2.2.1.1 Real disposable income=income after taxes have been deducted, state benefits added and taken account changes in price leve
2.2.1.2 Normal goods=income increases, demand increases
2.2.1.3 Inferior goods=income increases, demand decreases
2.2.1.3.1 Income + demand inverse
2.2.2 Price of other products
2.2.2.1 Substitutes
2.2.2.1.1 Competing goods
2.2.2.1.2 Faces competition
2.2.2.2 Complements
2.2.2.2.1 Goods=joint demand
2.2.3 Tastes&fashion
2.2.3.1 Fashion trend=more demand
2.3 Inverse relationship between price and quantity
2.3.1 Lower price=more demand
2.3.2 Higher price=less demand
3 Supply
3.1 Supply curve
3.1.1 Relationship between price and quantity supplied
3.2 Determinants of supply
3.3 Price increases=Quantity supplied increases
3.3.1 Market price of a product falls=decrease in quantity=less likely to make a profit
4 Market equilibrium
5 Changes in demand/supply
6 Factors of production
7 Consumer/Producer surplus
7.1 Consumer surplus=Demand
7.1.1 Extra amount a consumer is willing to pay for a product above the price that is actually paid
7.2 Producer surplus=Supply
7.2.1 Difference between the price a producer is willing to accept and what is actually paid

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