F581 - Markets in Action

Azra Kucukkaramu
Mind Map by , created over 6 years ago

Economics (Micro-economics) Mind Map on F581 - Markets in Action, created by Azra Kucukkaramu on 04/19/2013.

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Azra Kucukkaramu
Created by Azra Kucukkaramu over 6 years ago
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F581 - Markets in Action
1 Competitive Markets
1.1 Demand
1.1.1 Determinants of demand
1.1.1.1 Normal goods
1.1.1.2 Inferior goods
1.1.1.3 Substitutes
1.1.1.4 Complements
1.1.2 Movements
1.1.3 Shifts
1.2 Supply
1.2.1 Determinants of supply
1.2.2 Movements
1.2.3 Shifts
1.3 Market Equilibrium
1.3.1 How prices are determined
1.4 Elasticities
1.4.1 PED
1.4.2 YED
1.4.3 XED
1.4.4 PES
2 Managing scarce resources
2.1 The Economic Problem
2.1.1 What to produce
2.1.2 How to produce
2.1.3 For whom to produce
2.2 Economic resources
2.2.1 The factors of production
2.3 Specialisation
2.3.1 Division of labour
2.3.2 Exchange
2.4 The role of markets in allocating scarce resources
2.5 Opportunity cost
2.5.1 Production Possibility Curve (PPC)
3 Market Failure and Government Intervention
3.1 Types of Efficiency
3.1.1 Allocative
3.1.2 Pareto
3.1.3 Productive
3.2 Externalities
3.2.1 Social Costs
3.2.1.1 Private Costs
3.2.1.2 External Costs
3.2.2 Social Benefits
3.2.2.1 Private Benefits
3.2.2.2 Private Costs
3.2.3 Negative Externalities
3.2.4 Positive Externalities
3.3 Methods of Government Intervention
3.3.1 Effectiveness in correcting Market Failure
3.4 Merit and Demerit Goods
3.5 Public, Private and Quasi-Public Goods
3.5.1 Meanings
3.5.2 Differences
3.5.3 Examples

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